Nigeria Records Loss Of N127bn Through Cybercrime

The Federal Government has said the estimated annual cost of cybercrime to Nigeria is 0.08 per cent of the country’s Gross Domestic Product (GDP), which represents about N127 billion.

The National Security Adviser (NSA), Maj-Gen. Babagana Munguno (rtd), made this known at the inauguration of a 31-man Cybercrime Advisory Council, saying that the “activities of hackers and cyber criminals in recent times have threatened government presence, economic activities and security of Nigerians and vital infrastructure connected to the internet. “

He said: “The 2014 Annual report of the Nigeria Deposit Insurance Corporation (NDIC), shows that, between year 2013 and 2014, fraud on e-payment platform of the Nigerian banking sector increased by 183 per cent. Also, a report published in 2014 by the Centre for Strategic and International Studies, UK, estimated the annual cost of cybercrime to Nigeria at about 0.08 per cent of our GDP, representing about N127 billion.

“Global tracking of cyber-attacks indicate that Nigeria is among countries with high cases of software piracy, intellectual property theft and malware attacks. The situation is a serious challenge to our resolve to take advantage of the enormous opportunities that internet brings, while balancing and managing its associated risks.”

He said the situation was made possible due to lack of awareness of cyber-security and poor enforcement of guidelines and minimum standards for security of government websites, particularly those hosting sensitive databases of Nigerians.

The NSA, emphasised the need to take serious action to protect our national cyberspace as a national security requirement.

He stated that to effectively managing the risk of cybercrime requires government, organisations, private sector and civil society to cooperate and collaborate with Federal government developing “ways of countering the threats” including the review of the Evidence Act 2011 to accept electronic evidences in court.