LEGAL/POLICY

Agencies Propose Requirement For Computer Security Incident Notification

Federal reserve building, the headquater of Federal reserve bank. Washington DC, USA.
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By Godson Umejiego, Correspondent USA

Federal financial regulatory agencies have announced a proposal that would require supervised banking organizations to promptly notify their primary federal regulator in the event of a computer security incident. In particular, alerts would be required for incidents that could result in a banking organization’s inability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of a banking organization, or impact the stability of the financial sector.

The proposed rule is intended to provide the agencies with an early warning of significant computer security incidents and would require notification as soon as possible and no later than 36 hours after a banking organization determines that an incident has occurred.

In addition, the proposal would require service providers to notify affected banking organizations immediately when the service provider experiences computer security incidents that materially disrupt, degrade, or impair certain services they provide.

Telecoms Key To Economic Diversification In Nigeria – Danbatta

…as NCC remits N362.34bn to government coffers in 5 years

The Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Prof. Umar Danbatta has described as key the role of telecommunications to the diversification of the nation’s economy.

Prof. Danbatta made this assertion in his presentation to Course 29 Participants at the National Defence College, Nigeria, recently.

Speaking on a theme, “The Telecommunications Industry and National Development in Nigeria: The Roles of the NCC in Promoting Digital Economy”, he said, telecoms sector is the life-wire that will drive the National Digital Economy Policy and Strategy (NDEPS) of the Federal Government.”

He noted that the sector plays a dual role of contributing to the Gross Domestic Product (GDP) and being an enabler to other sectors of the economy.

“Telecommunications is key to the diversification of the Nigerian economy, as the telecom sector played a dual role of contributing to the Gross Domestic Product (GDP) and being an enabler to other sectors of the economy,” he said.

The EVC informed that the commission remitted over N362.34 billion as revenue in five (5) years to the Federal Government’s consolidated revenue account.

He listed fixed broadband Infrastructure gap, Right of Way (RoW), Foreign Exchange, Vandalism of telecoms infrastructure, Electric Power Supply, Multiple Taxations and regulations as some of the challenges bedeviling the industry.

On fixed broadband infrastructure gap, he said, the commission will bolster the exiting fibre optic infrastructure across the country by 38,296 km through the Infrastructure Companies (InfraCo) project Initiative.

On Row, the NCC boss said, the engagement with the Nigeria Governors Forum on adoption of N145/m as RoW fees has yielded results in Kaduna, Katsina, Imo, Ekiti and Plateau State.

He urged other states governments to key into the success of the digital economy drive by reducing RoW fees and other charges targeting telecom service providers.

Danbatta’s paper delved into a range of issues, including the correlation between broadband and GDP, telecom contribution to national development, telecom investment trend in Nigeria, telecom contribution to digital economy, conceptualisation of digital economy, among others.

In his remarks, the Commandant of the National Defence College, Rear Admiral Mackson Kadiri, appreciated the EVC, describing his paper as in-depth, incisive and timely, giving the pivotal role the telecom sector plays in ensuring National Security and National Development.

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