Data Compliance and Competitiveness of Insurance Companies in South-South Nigeria

Author(s): AKERE, Catherine Barikuma.

Abstract:
Data compliance is a process that identifies the applicable governance for data protection, security, storage and other activities and establishes policies, procedures and protocols ensuring data is fully protected from unauthorized access and use, malware and other cyber security threats. Being data compliant drives a secure data environment, which is integral to the attainment of the much needed competitiveness. Insurance firms are therefore urged to be compliant to the laws governing the acquisition, use and sharing of information as the repercussions that come with noncompliance are usually too much for noncompliant organizations to bear. Data compliance comes with financial stability, gain and regain of customers trust as well as sustained reputation of the firm. Based on the analysis of literature, the author stresses that the relevance of data compliance cannot be ignored, as such, Insurance firms in Nigeria are encouraged to remain compliant to the laws governing data, so as to achieve organizational competitiveness.

Keywords: Data Compliance, Competiveness, Patronage and Market share

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