Nigeria Losses About N127bn to Cybercrime Annually

19 June 2019

Abuja — The Director General of the National Information Technology Development Agency (NITDA) has disclosed that Nigeria losses about N127 billion to cybercrime as a result of the country's inability to properly secure her information system, adding that the global IT industry is expected to hit $5 trillion by the end of 2019.

He made this known yesterday in Abuja during the stakeholders' engagement for the review of the guidelines for information system audit and software testing

Speaking through the Director, e-Government Regulatory Department of the Agency, Dr Vincent Olatunji, the DG said Nigeria needs adequate guidelines to protect her cyberspace.

"The Cyber Security Experts Association of Nigeria (CSEAN), has estimated that Nigeria loses about N127 billion to cybercrimes yearly. This is caused in part by our inability to adequately secure our Information Systems.

"Therefore, securing our information systems is a must if we want to guarantee the safe delivery of our services. The proposed Guidelines for Information Systems audit by the agency is one of the tools to guarantee this safety", he said

Speaking further, he said on assumption of office, the agency realised that it did not have any instrument that stipulates a clear process for issuance of regulatory instruments, saying a Rulemaking Process Regulation was therefore issued on January 25, 2019.

The Rulemaking Process is a subsidiary legislation that provides clear procedure for issuance of the agency's regulatory instruments that involves analytical and critical thinking approach to sure if followed will give the country stakeholders' friendly, developmental and implementable ICT regulations.

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