NDPC has fined Fidelity Bank N555.8m over a significant data breach. Learn more about the incident and its implications for the bank.
Fidelity Bank has received the largest penalty ever issued by the National Data Protection Commission (NDPC), as they have been fined N555.8 million for violating their customers’ data privacy.
During a Validation Workshop on the Implementation Directive for the Nigeria Data Protection Act General Application held in Abuja, National Commissioner Vincent Olatunji made an announcement regarding a fine.
Fidelity Bank was penalized by the commission for breaching both the Nigeria Data Protection Act of 2023 and the Nigeria Data Protection Regulation of 2019.
The fine, which amounted to 0.1% of its annual gross revenue in 2023, was determined based on factors such as the extent of data breach severity and non-compliance during investigation proceedings.
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The significance of adhering to data protection regulations was underlined by Olatunji who expressed the NDPC’s dedication to imposing penalties for any violation.
In gauging fines, he explained that the commission takes into account key aspects such as the scale of misconduct, quantity of people impacted, and level of cooperation exhibited by the respective party involved.
Olatunji reported that the most significant penalty we imposed recently was yesterday on Fidelity Bank. He explained that our collaboration with the bank began in April 2023 to investigate violations, yet their unhelpful behavior and perceived haughtiness ultimately compelled us to levy the entire fine.
The NDPC has ordered Fidelity Bank to pay a fine within 14 days, intending it as a warning for other companies.
Nigeria’s focus on data privacy and security is evident in this move by the regulatory body, with more rigid enforcement methods predicted for upcoming infringements.
Additional information will be provided shortly.
