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Insurers Worry over Cybercrime, Climate Change

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Risks associated with cybercrimes topped the list of peril incidences that may likely hit the corporate world in 2020 and beyond.

Insurers Worry over Cybercrime, Climate Change

But Nigerian insurance underwriters have said what they fear most this year is risk from climatic change especially flood risk and other natural disaster related risks.

Allianz global, disclosed this in its 2020 Risk Barometer publication.

The publication is an annual report that identifies top corporate risks for the next 12 months and beyond, based on the insight of more than 2,700 risk management experts from 102 countries and territories.

The report highlighted three major risks incidence that could befall corporate business and noted cybercrime incident as risk that have become more damaging and expensive for companies – and often result in lawsuits and litigation after the event.

It also stated that business interruption ranked second, but remains a key challenge with digitalisation and civil unrest creating new causes of disruption and loss of income

It further stated that said climate change rises to its highest-ever position, adding that companies are most concerned about physical losses from extreme weather events.

In terms of cybercrime, the report noted that it ranked top in the survey, for the first time after receiving 39 per cent of responses from more than 2,700 risk management experts in over 100 countries and territories.

“Seven years ago, cyber risk ranked only 15th with just six percent of responses. Awareness of the cyber threat has grown rapidly in recent years, driven by companies’ increasing reliance on their data and IT systems and a number of high-profile incidents.

“Businesses face a growing number of cyber challenges including larger and more expensive data breaches, an increase in ransom ware and business email compromise (spoofing) incidents, as well as the prospect of litigation after an event. “Political differences between nation states being played out in cyber space brings added risk complexity, while even a successful merger or acquisition (M&A) can result in systems problems,” the report stated.

While responding to what may likely be the top risks for 2020, the Chief Executive Officer of AGCS, Joachim Müller, was quoted in the report to have said: “The Allianz Risk Barometer 2020 highlights that cyber risk and climate change are two significant challenges that companies need to watch closely in the new decade.

“The risk of cyber incidents have become more damaging and expensive for companies and often result in lawsuits and litigation after the even

“In addition to being the top risk globally, cyber incidents are among the top three risks in many of the countries surveyed. In Austria, Belgium, France, India, South Africa, South Korea, Spain, Sweden, Switzerland, the UK and the US it also ranks as the top business risk.”

“Businesses face the challenge of larger and more expensive data breaches, an increase in ransomware and spoofing incidents, as well as the prospect of privacy-driven fines or litigation after any event.

“A mega data breach, involving more than one million compromised records now costs on average $42 million, up eight per cent per cent year-on-year.

“Incidents are becoming more damaging, increasingly targeting large companies with sophisticated attacks and hefty extortion demands. Five years ago, a typical ransomware demand would have been in the tens of thousands of dollars. Now they can be in the millions,”  Marek Stanislawski, deputy global head of Cyber, AGCS, said

He said extortion demands were just one part of the picture, adding that companies could suffer major losses due to the unavailability of critical data, systems or technology, either through a technical glitch or cyber-attack.

He attributed many of the incidents to human error, but said it coul be mitigated by staff awareness training which are not yet a routine practice across companies.

 


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NIN Enrollment Hits over 136m as New ID Law Takes Effect

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National Identity Management Commission (NIMC) has said thet more than 136 million Nigerians and legal residents have been enrolled in the National Identity Database (NIDB).

NIN Enrollment Hits over 136m as New ID Law Takes Effect

In a statement on Tuesday, Kayode Adegoke, head of corporate communications, NIMC, said Abisoye Coker-Odusote, chief executive officer (CEO) of the commission, announced the milestone during a courtesy visit to the ministry of budget and economic planning.

In April 2025, NIMC said over 117.36 million Nigerians had been enrolled as of February 28, 2025.

The visit was part of the commission’s ongoing stakeholder engagements with ministries, departments and agencies (MDAs) on the implementation of the NIMC Act 2026.

Presenting the new Act, Coker-Odusote said the legislation repeals and replaces the 2007 NIMC Act, modernising Nigeria’s digital identity ecosystem by positioning the national identification number (NIN) as the country’s foundational identity under the “one person, one identity” policy.

She said the law also establishes NIMC as the root certificate authority for the national digital infrastructure and introduces stronger data protection and cybersecurity measures, as well as digital credentials.

“The Federal Government remains committed to enrolling and issuing NINs to all Nigerians and legal residents within the shortest possible time,” Coker-Odusote said.

She added that NIMC is ready to collaborate with the ministry of budget and economic planning to leverage the NIN for economic planning and national development initiatives.

Speaking during the visit, Abubakar Atiku Bagudu, the minister of budget and economic planning, reaffirmed the federal government’s commitment to the implementation of the NIMC Act 2026.

Bagudu described the legislation as “a transformative milestone” that would strengthen Nigeria’s digital identity ecosystem and accelerate national planning and development.

He commended the NIMC director-general and the commission’s leadership for their efforts in securing the passage of the legislation, noting that it provides “a solid legal foundation for a trusted, secure, and inclusive national identity management system”.

The minister, however, said the true measure of the Act’s success would lie in its implementation and the benefits it delivers to Nigerians.

“The true measure of the Act’s success will lie in its effective implementation and the tangible benefits delivered to citizens,” he said.

Bagudu also called for stronger collaboration across the federal, state and local governments to build public confidence in the national identity system and eliminate the duplication of identity databases across government institutions.

He said the NIN should serve as Nigeria’s single, universally accepted identity standard, supporting efficient service delivery and good governance.

On June 26, President Bola Tinubu signed the NIMC Act 2026 into law, repealing the commission’s 2007 establishing Act.

At the time, Olubunmi Tunji-Ojo, minister of interior, said the legislation would strengthen Nigeria’s legal framework for digital identity management, cybersecurity and secure digital authentication, while reinforcing the NIN as the country’s foundational identity credential under the “one person, one identity” principle.


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Plateau PCC Collects Nigerians’ Data without Privacy Policy – FIJ

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Plateau State Public Complaints Commission (PCC), an agency of the state established to investigate complaints of abuse of office, administrative injustice and other forms of official misconduct is allegedly collecting personal information from members of the public through its website with no privacy policy.

Plateau PCC Collects Nigerians’ Data without Privacy Policy - FIJ

According to investigation by Foundation for Investigative Journalism (FIJ), PCC is falling short of a key transparency requirement under Nigeria’s data protection laws.

FIJ found on Tuesday that PCC collects personal information from members of the public through its website despite providing no privacy policy explaining how that information is collected, processed, stored or protected.

The commission serves as the state’s ombudsman, receiving complaints free of charge against public institutions and private organisations on issues including wrongful dismissal, victimisation and administrative negligence.

Yet, while its online complaint portal requests personal information such as names, phone numbers, email addresses, subject lines and complaint details, visitors are given no privacy notice explaining what becomes of that information after it is submitted.

The omission means visitors are not told why their information is being collected, how long it will be retained, the legal basis for processing it or the rights available to them as data subjects.

WHAT IS THE POSITION OF THE LAW?

The guidelines issued by the National Information Technology Development Agency (NITDA) are explicit: every government website is required to have a privacy policy.

Section 10.4 (i, ii) of the NITDA guidelines mandates all government websites to exercise diligence when collecting personal details or information about visitors on their websites.

The requirement is intended to ensure transparency and accountability in the handling of personal information, allowing visitors to understand why their data is collected, how it will be used and the safeguards in place to protect it.

Similarly, the Nigeria Data Protection Act (NDPA) 2023 requires data controllers to provide privacy notices to individuals before, or at the point of, collecting their personal information.

Such notices are expected to disclose, among other things, the purpose for collecting the data, the legal basis for processing it, the period for which it will be retained and the rights available to data subjects.

Section 27 of the NDPA states:

(1) Before a data controller collects personal data directly from a data subject, the data controller shall inform the data subject of the – (a) identity, residence or place of business of, and means of communication with the data controller and its representatives, where necessary;

(b) specific lawful basis of processing under section 25(1) or 30(1) of this Act, and the purposes of the processing for which the personal data are intended;

(c) recipients or categories of recipients of the personal data, if any;

(d) existence of the rights of the data subject under Part VI;

(e) retention period for the personal data;

(f) right to lodge a complaint with the Commission in accordance with section 46 (1) of this Act; and

(g) existence of automated decision-making, including profiling, the significance and envisaged consequences of such processing for the data subject, and the right to object to and challenge such processing.

Without a privacy policy, visitors have no way of knowing the commission’s data-handling practices or the safeguards, if any, in place to protect the personal information they submit through the website.

At press time, the Plateau State Public Complaints Commission’s website had no privacy policy.

 


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FG Suspends New Internet Regulations to Prevent Overlapping Rules

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Federal government has directed key digital regulators to suspend the implementation of new rules affecting internet platforms and online intermediaries while it develops a unified national regulatory framework.

FG Suspends New Internet Regulations to Prevent Overlapping Rules

Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy

The directive was issued on Tuesday by Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, after chairing a strategic meeting with the leadership of the Nigerian Communications Commission (NCC), the National Information Technology Development Agency (NITDA), and the Nigeria Data Protection Commission (NDPC).

The minister in a statement, said that the rapid growth of the digital economy has created areas where the responsibilities of the three regulators increasingly overlap, particularly in artificial intelligence, online safety, and data protection.

He said that a coordinated approach is needed to provide regulatory clarity, protect investor confidence, and support innovation.

Dr Tijani noted that as part of the directive, the agencies will temporarily halt the implementation of recently introduced guidelines in these overlapping areas.

However, the Minister said that they will continue to carry out their statutory responsibilities within their respective legal mandates.

Dr Tijani said that a Joint Technical Coordination Committee will now be established to work with industry players, academics, and civil society on a single, coherent regulatory framework.

The minister added that the move is designed to improve coordination across government, create a more predictable business environment, and strengthen Nigeria’s position as a leading destination for digital investment in Africa.


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