{"id":19246,"date":"2024-08-22T06:56:42","date_gmt":"2024-08-22T06:56:42","guid":{"rendered":"https:\/\/theblogonline.com\/?p=19246"},"modified":"2024-08-22T07:01:09","modified_gmt":"2024-08-22T07:01:09","slug":"fidelity-bank-enmeshed-in-customer-data-breach-scandal","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=19246","title":{"rendered":"Fidelity Bank Enmeshed in Customers Data Breach Scandal"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The <a href=\"https:\/\/ndpc.gov.ng\/\" rel=\"nofollow noopener\" target=\"_blank\">National Data Protection Commission<\/a> (NDPC) has imposed a fine of N555.8 million on <a href=\"https:\/\/www.fidelitybank.ng\/\" rel=\"nofollow noopener\" target=\"_blank\">Fidelity Bank<\/a> for violations related to the breach of its customers\u2019 data.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The National Commissioner of the <a href=\"https:\/\/ndpc.gov.ng\/\" rel=\"nofollow noopener\" target=\"_blank\">NDPC<\/a>, Vincent Olatunji, disclosed this during the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive, held on Wednesday in Abuja.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Olatunji explained that the tier-one bank breached the NDP Act of 2023 and the NDPR of 2019 regarding data protection, resulting in the fine, which amounts to 0.1 percent of the bank\u2019s annual gross revenue for 2023.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He further noted that the fine, which is the highest ever imposed by the commission, was exacerbated by the bank\u2019s arrogance and lack of cooperation during the investigation.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cCompliance with data protection regulations is crucial, and we have made it clear that non-compliance will be penalized. Our penalties range from N10 million to up to two percent of gross earnings from the previous year.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cHowever, our primary approach has been to raise awareness and educate organizations about their responsibilities. When assessing breaches, we consider the severity of the breach, its impact, the number of data subjects affected, and the level of cooperation from the organization in determining the penalty.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cSince our operations began, the most significant penalty we have issued was yesterday (Tuesday) to <a href=\"https:\/\/www.fidelitybank.ng\/\" rel=\"nofollow noopener\" target=\"_blank\">Fidelity Bank<\/a>. For violating the NDP Act of 2023 and the NDPR of 2019, we levied a fine of N555.8 million, which they are required to pay.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cWe have observed significant breaches and have been investigating the issue with them since April 2023. However, once our findings were concluded, the bank displayed arrogance, prompting us to impose the full penalty, which is approximately 0.1 percent of their 2023 earnings.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThis fine must be paid within 14 days of receiving this notice,\u201d Olatunji stated.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Data Protection Commission (NDPC) has imposed a fine of N555.8 million on Fidelity Bank for violations related to the breach of its customers\u2019 data.<\/p>\n","protected":false},"author":1,"featured_media":19247,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-19246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19246"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19246"}],"version-history":[{"count":4,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19246\/revisions"}],"predecessor-version":[{"id":19251,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19246\/revisions\/19251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/19247"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}