Fidelity Bank Slammed with N555.8m Fine for Data Breach As NDPC Cracks Down on Non-Compliance
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The National Data Protection Commission (NDPC) has imposed a hefty fine of N555.8 million on Fidelity Bank for violating the Nigeria Data Protection Act (NDP Act) and the Nigeria Data Protection Regulation (NDPR).
This move marks a significant crackdown on non-compliance in the financial sector.
In a statement, NDPC National Commissioner Vincent Olatunji revealed that the fine, equivalent to 0.1% of the bank’s annual gross revenue in 2023, was issued due to Fidelity Bank’s failure to comply with data protection regulations and its poor cooperation during the investigation.
Olatunji emphasized the importance of data protection compliance, stating that the commission will not hesitate to punish non-compliance.
He noted that the fine was aggravated by the bank’s arrogance and lack of cooperation during the investigation.
The NDPC has been working with Fidelity Bank since April 2023 to address the data breach, but the bank’s uncooperative attitude led to the issuance of the maximum penalty.
This development now serves as a warning to organizations to prioritize data protection compliance as the NDPC has vowed to continue to enforce regulations and impose penalties for non-compliance.
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