Experts in the Nigerian banking industry have urged field professionals to display exemplary ethical conduct in the management of personal information and act as shining beacons to other industries.
Data management and protection issues, they said, should be of great concern to professionals in the industry, as breaches in data protection guidelines and laws have resulted to reputational damage and a higher risk of illicit activities such as money laundering and identity fraud.
Speaking at a breakfast session on Managing the New Oil- Data Protection and Management Strategies, organised for the Nigerian banking industry by The Chartered Institute of Bankers of Nigeria Centre for Financial Studies (CIBNCFS) recently in Lagos, President/Chairman, CIBN, Uche Olowu, said the banking sector was not immune to these threats.
Olowu said given the sensitivity of the data warehoused by the industry, professionals must adhere to and exhibit ethical conduct, adding that consent fatigue has become an issue consumers face, and needed urgent attention.
“In 2014, JP Morgan Chase, one of the largest banks in America in terms of assets, reported a data breach that affected seven million small businesses and 76 million households.
“Another issue of concern is that of consumer consents or rather consent fatigue, where organisations seeking legitimate use of data serve customers with several consent notifications or forms. Customers, without taking the time to fully understand these forms indicate agreement.
“By organising this session, we aim to bring to the consciousness of all stakeholders, the importance of data privacy and management via a robust panel discussion, providing measures or best practices to be taken in implementing such standards,” Olowu said.
He further noted that the centre, a wholly-owned subsidiary of CIBN, mandated to provide thorough leadership and enlightenment on topical issues affecting the banking and finance industry as well as the economy at large.