Introduction
We are in a world where personal data is more valuable than ever as more organizations require data to drive decisions and improve profitability. Indeed, as published by the Economist in May 2017, it can be said that “the world's most valuable resource is no longer oil, but data”. This is true as a significant number of the world's most valuable companies are data driven.
With this comes concerns about how tech giants and organisations are exploiting the information they collect about individuals through various means including big data analytics, artificial intelligence, profiling amongst others. This exponential increase in the usage and processing of personal data by individuals and businesses has made data privacy and protection a global compliance issue and will remain so for a long time to come.
Unlike few years ago where compliance with data protection requirements was seen as a secondary matter, data protection is now a corporate board room issue as non-compliance with extant laws could have far- reaching implications for businesses. Therefore, it is important for every organisation to pay attention to its data processing activities in order to ensure compliance with the law.
This Newsletter provides highlights of recent data protection matters in Nigeria and across few select jurisdictions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.