25 June 2014

Nigeria Risks U.S.$15 Million to Cyber Theft By 2020

Lagos — With the high rate of criminal activities on the cyberspace in Nigeria, experts have warned that the country could lose over $15 million to cyber theft by 2020.

This was among the concerns raised by stakeholders at the just concluded inaugural two-day National Cybersecurity Forum under the public-private sector partnership and multi-stakeholders engagement.

The event, organised by the Office of the National Security Adviser (ONSA) in partnership with the Ministry of Communications Technology, Federal Ministry of Justice, Central Bank of Nigeria, Economic and Financial Crimes Commission, Nigerian Communications Commission, National Information Technology Development Agency, Nigerian Communication Satellite and Galaxy Backbone, witnessed the revelations of havocs cybercrimes have perpetrated against the Nigeria economy and the world at large.

Only in 2013, Nigeria lost a whopping sum of N641billion in 2013 to cybercrime with N40billion of the amount lost by banks alone.

Unfortunately, it was stressed, Nigeria currently lacked any legal framework to address this challenge of cybercrimes, a development that informed the decision of the ONSA to organise the forum with the theme: "Towards Multi-stakeholders Partnership for National Cybersecurity Engagement."

The event aimed to gather contributions and secure the cooperation and understanding of relevant government agencies and the organised private sectors towards a proposed national policy document against cybercrimes.

Five top cyber threats comprising cybercrime, cyber espionage, cyber conflict, cyber terrorism and child online abuse and exploitation were identified as major cybercrimes.

Various speakers at the forum stressed the need for

collaboration with youths as part of solutions to curb cyber crimes, observing that the age brackets of cybercrimes perpetrators ranged between 15 to 35 years.

In his keynote address, the Chairman, Economic and Financial Crimes Commission (EFCC) Ibrahim Lamorde noted that a limitless cyber space and an eroding national border were some of the features of the new technology, representing one of the most serious economic and security challenges facing nations today.

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