NILOBF in­tro­duces new EU data pro­tec­tion reg­u­la­tion to Nige­rian firms

The Guardian (Nigeria) - - PANORAMA -

ON May 25, the Euro­pean Union (EU) will adopt the Gen­eral Data Pro­tec­tion Reg­u­la­tion (GDPR), a sweep­ing new law that holds busi­nesses strictly ac­count­able for the trans­parency and se­cu­rity of any con­sumer in­for­ma­tion they pos­sess. For any com­pany in the world that col­lects or uses con­sumer data, this could be a game-changer.

The law’s stip­u­la­tions, which strength­ens data pri­vacy laws in Europe and has im­pli­ca­tions for com­pa­nies and in­sti­tu­tions all over the world that store, process or trans­fer the in­for­ma­tion of EU cit­i­zens, will re­quire many com­pa­nies to sig­nif­i­cantly change their data prac­tices. As of May 25, any en­ter­prise that col­lects con­sumer data must ask for user con­sent in clear, sim­ple terms and hon­our user re­quests to have their data erased by the com­pany. Users also have the right to be in­formed of any and all use of their per­sonal data by com­pa­nies, and must be in­formed of any breach of their data within 72 hours of de­tec­tion.

The Nige­rian Lon­don Busi­ness Fo­rum (NILOBF), UK, in part­ner­ship with the In­sti­tute of Credit Ad­min­is­tra­tion (ICA) will be host­ing two aware­ness sem­i­nars in La­gos and Abuja on how the GDPR will af­fect or­gan­i­sa­tions in Nige­ria. In­for­ma­tion se­cu­rity ex­pert and Ceo/co-founder of Trinity Man­age­ment Sys­tem, UK, Sally Brown, will walk par­tic­i­pants through key el­e­ment of the GDPR at the La­gos sem­i­nar on April 24, West­wood Ho­tel, Awolowo Road, Ikoyi, by 10a.m. and in Abuja on April 26, at Kanem Suites, Ajose Adeo­gun Street, be­side Peace Tran­sit Park, Utako, FCT.

NILOB is UK’S pre­miere or­gan­i­sa­tion for fa­cil­i­tat­ing and pro­mot­ing trade and in­vest­ment be­tween the UK, Nige­ria and Euro­pean Union. Now in its eigth year, NILOBF has pro­moted Nige­ria as a coun­try mak­ing pos­i­tive de­vel­op­ment for eco­nomic pros­per­ity and growth to the UK and Euro­pean busi­nesses. It has also served as a plat­form serv­ing trade, in­vest­ment and le­gal in­for­ma­tion to its mem­bers and na­tions. The body will be pre­par­ing Nige­rian busi­nesses for the new GDPR. GDPR is the most im­por­tant and im­pact­ful shake-up, re­lat­ing to how per­sonal data about in­di­vid­u­als can be stored, that has ever been en­shrined in law.

The good news: It pro­vides wide-rang­ing data pro­tec­tion for all EU cit­i­zens, and also har­mo­nizes data pro­tec­tion reg­u­la­tion through­out the EU.THE bad (if you aren't ready by May 25th): This comes at the cost of a strict data pro­tec­tion com­pli­ance regime - with se­vere penal­ties for non-com­pli­ance (up to four per cent of an­nual global turnover or €20 mil­lion, whichever is greater.)

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