GTB AND ZENITH BANK ARE BEING INVESTIGATED FOR A POTENTIAL DATA BREACH.

Guarantee Trust Bank (GTB) and Zenith Bank, respectively, have both made complaints of data breaches, and the Nigerian Data Protection Bureau (NDPB) has begun an inquiry. This was said in a statement released in Abuja by Mr. Babatunde Bamigboye, Head, Legal Enforcement and Regulations of the NDPB.

This, he claimed, would apply to every third party engaged in data processing.

“The bureau observes with concern that several laws governing data privacy and protection and best practices are rarely put into practice at the organizational levels of Nigeria’s main data controllers.

The bureau also exhorts organizations to follow Federal Government circulars and general compliance notices instructing them to submit the Bureau the names of their Data Protection Officers/Contacts.

According to records from the Nigeria Inter-Bank Settlement System (NIBSS), fraudsters tried 46,126 attacks in the first nine months of 2020 and were successful on 41,979 times, or 91 percent of the time.

He declared that “this level of susceptibility to data leak” was unacceptable.

He contends that the only way to stop such attacks is for the sector’s data controllers and processors to implement failsafe data security and privacy protections.

However, Olatunji urged all financial institutions to follow the Central Bank of Nigeria’s lead and establish a strong data governance framework in conformity with the Nigeria Data Protection Regulation (NDPR) 2019.

According to records from the Nigeria Inter-Bank Settlement System (NIBSS), fraudsters tried 46,126 attacks in the first nine months of 2020 and were successful on 41,979 times, or 91 percent of the time.

He declared that “this level of susceptibility to data leak” was unacceptable.

He contends that the only way to stop such attacks is for the sector’s data controllers and processors to implement failsafe data security and privacy protections.

However, Olatunji urged all financial institutions to follow the Central Bank of Nigeria’s lead and establish a strong data governance framework in conformity with the Nigeria Data Protection Regulation (NDPR) 2019.