The Nigeria Data Protection Commission (NDPC) has raised concerns over the increasing cyber attacks on Nigeria’s financial system, urging organizations to improve their security.
The NDPC disclosed in a recent statement some shadowy threat actors are executing coordinated operations targeting financial systems and key digital infrastructure in Nigeria.
According to the Commission, all Data Controllers and Data Processors are now expected to increase their data protection efforts. This includes appointing trained and certified data protection officers, alongside development of privacy policies and information security standards.
The commission also urged the organizations to execute data privacy impact assessments while deploying robust identity and access controls. The recommendation also includes implementing zero-trust security architecture and network segmentation, among other measures.
Per the statement;
The Commission is prepared to provide requisite regulatory support to organisations in order to ensure adequate level of data privacy and protection. Organisations that fail or neglect to implement appropriate measures as required under the Nigeria Data Protection Act, 2023 may incur legal liabilities.
The NDPC’s advisory follows recent cyberattacks on multiple Nigerian entities. The exploits which reportedly started with Sterling Bank have since expanded to include Remita, and the Corporate Affairs Commission (CAC), as victims.
