Introduction to Data protection for startups
PART 1
The term “data protection” is increasingly often used, but its specific definition is sometimes unclear. You might automatically think of safeguarding data against unauthorized access, but that’s only one aspect of it.
It’s also used synonymously with “privacy,” although that’s not entirely correct either because publicly accessible information may still be protected by laws governing data protection.
The term “data” refers to any information that relates to an individual (as opposed to corporate entities), and the term “protection” refers to both the rights individuals have to enforce those rights and the obligations that organizations have to protect such information from misuse (as opposed to just unauthorized access).
Data protection has a wide range of consequences for digital startups since, by definition, these companies employ technology to automate procedures, grow business models, and analyze massive amounts of data.
RELEVANT LEGISLATION IMPACTING DATA PROTECTION AND DATA PRIVACY IN NIGERIA
The National Information Technology Development Agency (NITDA) appears to be Nigeria’s top regulatory body for data privacy and protection based on the duties of the Governing Board.
However there are other ancillary regulations that we must take note of in order to be compliant such as :
1. The 1999 constitution of the Federal Republic of Nigeria.
2. The Child Rights Act 2003
3. The Freedom of Information Act 2011(FOIA)
4. Cybercrimes (Prohibition, Prevention etc) 2015 Act
5. Central Bank of Nigeria Protection Framework 2016
6. The Nigerian Communications Commission Regulation (NCC)Risk will play a significant role in determining how you develop your startup’s data protection approach, as it does with other compliance considerations. Although it’s usually best to err on the side of caution, some important considerations include your location, the industry in which you operate, and the kind of services you offer. By doing that, you not only safeguard your business and preserve your ability to innovate, but you also safeguard the individuals whose data you process.
According to The Economist, ‘the world’s most valuable asset is no longer oil, but data’ and as such in order to drill into all that the ‘Big Data’ has to offer in order to Optimize your chances of building Innovative and profitable companies, you must be prepared to deal with a similarly regulated environment which Oil companies operate in.
What do you think about data protection, both as a digital product user and as a startup founder, investor, or employee? Is protecting privacy a top priority, and how are you doing it right now? Drop your comments below.
References
1. The Economist, 'The World's Most Valuable Resource is no Longer Oil, but Data' Economist (6 May 2017) https://www.economist.com/leaders/2017/05/06/the-worlds-most-valuable-resource-is-no-longer-oil-but-data.
2. Chris Thompson - Cybercrime in banking and capital markets: Technology and human vulnerabilities https:financialservicesblog.accenture.com/cybercrime-in-banking-and-capital-markets-technology-and-human-vulnerabilities.
3. Alex Don- Is GDPR a competitive advantage for FinTechs? -https://www2.deloitte.com/uk/en/pages/financial-services/articles/is-gdpr-a-
competitive-advantage-for-fintechs.html
4. The Manifest; ‘Data Privacy Concerns: An Overview for 2019’ https://medium.com/@the_manifest/data-privacy-concerns-an-overview-for-2019-2ccea79aa6f8
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