The challenge posed by cybercrime in Nigeria may persist until there is a framework for digital sovereignty in the country.
Besides, lack of data encryption, poor awareness, under reporting of breaches among others, would continue to fuel the menace in the country.
Highlighting these challenges, the Chief Executive Officer, FPG Technologies and Solutions Limited, Rex Mafiana, charged government and business organisations not to take cyber sovereignty issues with levity, saying the defence of any country has moved from the physical to the technology space.
Mafiana stressed that building a digital fence would save the country from cyber-attacks and data losses.
Already, the Minister of Communications, Barrister Adebayo Shittu, had said that the country loses N127 billion yearly, but experts believed that the figure could be higher than that due to the fact that loses are under reported.
Mafiana, addressing journalists in Lagos, while celebrating the company's five years of operations in the country, said cyber security should be a major concern to everybody in the country.
"Nigeria is gang-raped because there is nothing on our Internet gateway.
Cyber security should be part of the risks discussed at board levels to enable businesses understand and avert cyber-attacks.
Firms need to understand that cyber security is part of business risk so they can get the support they need," he added.
Noting that the Cyber Law is a step towards cyber security in Nigeria, he said it is insufficient to serve as a national framework for digital security in Nigeria, which has made the country vulnerable to attacks.
"The law for now can only function as a basis for criminal justification but there are many areas left to cover.
Government should be concerned with digital sovereignty the same way they take proactive measures to protect our borders.
They need to protect personal information of its entire citizen to prevent data breach," he added.
He further called for a new draft law that would be encompassing and applicable to all aspect of cyber security.
A telecoms expert, Kehinde Aluko, believed that more efforts should be channelled towards protecting the country's cyberspace.
Aluko said public and private organisations need to rethink their whole approach to information security and establish security practices needed to protect critical IT infrastructure, adding: "They also need to train and grow security experts needed to secure this infrastructure.
Most organisations now recognize that it is imperative that local organisations take action before the situation worsens and the cost of inaction becomes even greater."
On the progress that the firm had made since inception, Mafiana noted that FPG is at the fore of cyber defense in Nigeria for banks, telecoms, and all sector of the government.
He said, "We bring technology flexibility and support that covers the risk organisations are exposed to digital transformation.
We consult with agility, cloud mobility support, cyber security solutions, delivering services with the best trained engineers.
We also provide simple tech solutions in line with what is adaptable to the environment concerned.
"FPG is aimed at becoming a trans-generational organisation with technology to enable business agility with confidence.
We are technology solution provider and system integrator, specialising in delivering IT consulting, IT security cloud, mobility infrastructure solutions and services that deliver competitive advantage".
The FPG boss advised firms to use encryption, fortify their data at the minimum perimeter security and the increase awareness on cyber security.
On the future of technology evolution, Mafaina said Artificial Intelligence will bring a positive disruption to businesses and the economy.
He added that the traditional banks should embrace this evolution because financial technologies are gradually taking over.
"The more Fintech revolution, the more mobility increases. Financial institutions should however keep cyber security in check by following directions of the Central Bank of Nigeria (CBN).