NSE Vows to Raise Data Protection Compliance Standard

Data Protection Compliance Standard

By Adedapo Adesanya  

The Nigerian Stock Exchange (NSE) has reaffirmed its commitment to ensure it sets a high standard as regards compliance with data protection regulations in line with the Nigeria Data Protection Regulation (NDPR) in the Nigerian Capital Market.

This was discussed at the 7th edition of the Nigerian Capital Market Information Security Forum 2019 themed The Nigerian Data Protection Regulation: Achieving Compliance held on Thursday, October 31, 2019 in Lagos.

The exchange noted that through the forum, it was dedicated to educating the investing public on the prevailing data protection regulation that ensures that that their data entrusted in its care are protected and not impugned upon.

Chief Executive Officer of NSE, Mr Oscar Onyema, while speaking at the event yesterday, said data was at the core of the fourth industrial revolution and that the wave could usher in great opportunities when its potentials are utilized appropriately in the capital market.

Mr Onyema, who was represented by Ms Tinuade Awe, the exchange’s Executive Director on Regulation Division, noted that, “We have a capital market that is data-driven and responsive to the needs of the public.

“Therefore, upholding compliance is key for us. We are set to raise the bar in compliance, I thereby, encourage us to open our minds to other possibilities on the horizon; the transformational power arising from the fourth industrial revolution.”

According to him, when harnessed appropriately, data protection compliance can help transform prospects with high efficiency into real products.

“We now have the internet of things and everyone is getting connected. Extracting these opportunities, refining and transforming prospects with high efficiency into real products is not easy, yet with innovation it can be accomplished,” he said.

“The Nigeria Data Protection Regulation gives an insight into the National Information Technology Development Agency’s (NITDA) aspiration towards securing the processes that Nigerian organizations use for collecting, processing and storing information related to their clients, the Data Subject,” Mr Onyema said.

“It is also applicable to Nigerians residing outside Nigeria. The requirements of the regulation are challenging. “However, the Nigerian capital market cannot be left behind in this regard,” he added.

During a presentation on the implementation of the data protection regulation policy, Mr Linus Osita Okeke, Partner at Ernst and Young (EY) Nigeria, said that it was key to understand that compliance with the NDPR was not primarily about keeping on the right side of the regulators but it is also an opportunity to create business value while managing the risks in the capital market.

The Chief Risk Officer (CRO) at the NSE, Mr Rasaq Ozemede, noted that the exchange was not only set to safeguard the rights of its investors to data privacy, it was also confident that through this, Nigerian businesses will remain competitive in the international trade market.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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