The digital transformation brings the risk of increasingly sophisticated cyber-crime and it puts a spotlight on protection of consumer data. Personal data protection and technical data security are particularly important topics that must be handled appropriately.
Over the years, Nigeria has lacked a legislative framework for the protection of data against misuse and mismanagement. Although there is a pending Data Protection Bill at the National House of Assembly, there is no certainty as to when this will be passed into law. This places Nigeria in a precarious situation in the light of ever evolving international Data Protection Laws, latest of which is EU’s General Data Protection Regulation (GDPR) which mandates compliance of all businesses regardless of location, who by virtue of their business activities process data of EU residents.
Recently however, in keeping up with international best practices, the National Information Technology Development Agency (NITDA) issued a guideline on the General Data Protection Regulation (the Regulation). This is developed to regulate electronic data interchange and other forms of electronic communication. While the pension industry is yet to issue an industry guideline for data protection and security, the applicability of the Regulation to the pension industry is apparent owing to the fact that the industry is highly technologically driven and its dependence on huge amount of personal data.
The Pension Industry in Nigeria grapples still with issues of confidence in the system, this makes the event of a cyber attack very serious as this will further erode confidence. Thus promoting good data management strategies is necessary for bolstering confidence in the masses that the industry players hold the interest and welfare of the members in high importance.