NILOBF introduces new EU data protection regulation to Nigerian firms
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.)