NDPC FINES FIDELITY BANK FOR DATA BREACH
Incident Overview:
- Fined Entity: Fidelity Bank
- Fine Amount: N555.8 million
- Reason: The fine was imposed due to breaches related to the bank’s customers' data.
Regulatory Authority:
- Enforcing Body: National Data Protection Commission (NDPC)
- Key Official: Vincent Olatunji, the National Commissioner of NDPC, made the announcement.
Regulatory Framework:
- Violation: Fidelity Bank violated the Nigeria Data Protection Act (NDP Act) of 2023 and the Nigeria Data Protection Regulation (NDPR) of 2019.
- Basis for Fine: The fine was calculated as 0.1% of the bank's annual gross revenue for 2023.
Aggravating Factors:
- Bank’s Conduct: The fine was significantly influenced by the bank's arrogance and lack of cooperation during the NDPC's investigation.
Penalty Context:
- Severity: This fine represents the highest penalty issued by the NDPC to date.
- Compliance Importance: The NDPC emphasized the importance of data protection compliance and warned that non-compliance will be met with severe penalties.
Payment Terms:
- Deadline: Fidelity Bank is required to pay the fine within 14 days of receiving the notice.
Incident Overview:
- Fined Entity: Fidelity Bank
- Fine Amount: N555.8 million
- Reason: The fine was imposed due to breaches related to the bank’s customers' data.
Regulatory Authority:
- Enforcing Body: National Data Protection Commission (NDPC)
- Key Official: Vincent Olatunji, the National Commissioner of NDPC, made the announcement.
Regulatory Framework:
- Violation: Fidelity Bank violated the Nigeria Data Protection Act (NDP Act) of 2023 and the Nigeria Data Protection Regulation (NDPR) of 2019.
- Basis for Fine: The fine was calculated as 0.1% of the bank's annual gross revenue for 2023.
Aggravating Factors:
- Bank’s Conduct: The fine was significantly influenced by the bank's arrogance and lack of cooperation during the NDPC's investigation.
Penalty Context:
- Severity: This fine represents the highest penalty issued by the NDPC to date.
- Compliance Importance: The NDPC emphasized the importance of data protection compliance and warned that non-compliance will be met with severe penalties.
Payment Terms:
- Deadline: Fidelity Bank is required to pay the fine within 14 days of receiving the notice.