Fidelity Bank Blown with N555.8m Fine Over Data Breach

….gives 14 days of receipt to pay the stated fine

Fidelity Bank has been fined a whopping N555.8 million by the National Data Protection Commission (NDPC) for violating the NDP Act, 2023, and the NDPR, 2019, relating to data breaches of its customers’ data.

This is the highest fine ever issued by the commission.

Commenting Vincent Olatunji, the National Commissioner of NDPC, said the fine represents 0.1% of the bank’s annual gross revenue in 2023.

The commission found Fidelity Bank guilty of serious breaches and investigated the issue since April 2023. However, the bank’s arrogance and poor cooperation during the investigation led to the maximum penalty.

Olatunji emphasized the importance of data protection compliance and the need for organizations to take it seriously. He noted that the commission has been creating awareness and educating organizations on the importance of data protection and the penalties for non-compliance.

The fine must be paid within 14 days of receipt of the notice. This landmark fine serves as a warning to other organizations to prioritize data protection and comply with the regulations to avoid similar penalties.