NDPC Warns of Cyber Threats to Nigeria's Financial Systems

The Nigeria Data Protection Commission (NDPC) has issued a warning regarding increasing cyber threats aimed at Nigeria's financial systems, highlighting the urgent need for organizations to enhance their data security architecture. The commission's legal enforcement head, Babatunde Bamigboye, emphasized the importance of protecting personal data and mitigating cyber risks.

The NDPC has outlined several immediate actions for organizations, including appointing and training certified data protection officers, implementing privacy policies, and conducting data privacy impact assessments. Additionally, the NDPC announced the launch of an investigation into an alleged data breach involving Remita Payment Service Ltd and Sterling Bank, aimed at ensuring the protection of data subjects.

Organizations are required to report any data breaches within 72 hours to mitigate risks to individuals' rights and freedoms. The NDPC's advisory signals a growing regulatory concern about vulnerabilities in critical systems, including payment services and telecommunications.