Nigeria lost about $649 million or N250 billion to cyber crimes in 2017, it was learnt on Wednesday.
Also yesterday, the Senate urged the Federal Government to increase budgetary allocation to the Information and Communication Technology (ICT) to enhance the nation’s digital economy and cyber security.
The Senate directed the committee to embark on strategic engagements with Ministries, Departments and Agencies (MDAs) with a view to ascertaining their ICT shortfalls, cyber security constraints, data management challenges and possible remediation measures.
These resolutions followed a motion, titled: “The Growth of Digital Technology and the Challenge of Cybercrime: Urgent Need to Safeguard the Future of Nigeria,” sponsored by Senator Oseni Yakubu (Kogi Central).
Yakubu urged his colleagues to be worried that the gains of digital technology were being dampened by rapid evolution of cybersecurity threats and increased attacks in sophistication and severity.
According to him, reports indicate that there is currently a dramatic rise in cybercrime, such as the “ransomeware epidemic, the refocusing of malware from personal computers (PCS) and laptops to smartphones and mobile devices, the deployment of billions of under-protected Internet of Things (IoT) devices, the legion of hackers-for-hire”.
He added that criminal cyber-related activities cost the world huge losses in trillions of dollars.
Yakubu said: “Recently, the NotPetya malware caused billions of dollars in damage in many industries around the world.
“Global ‘ransomeware’ damage alone has been predicted to cost the world over $11 billion in 2019 and $20 billion in 2021.
“It is also predicted that a business will fall every 14 seconds in 2019 and 11 seconds in 2021, and that overall cybercrime is predicted to cost the world over 6 trillion dollars annually from 2021.”
The senator regretted that Nigeria was plagued by the “destructive cyber-crises”.
“Reports indicate that in 2017 alone, the country lost about $649 million (that is, over N250 billion) to cybercrime activities.
“The 2018 Report of the Nigeria Deposit Insurance Cooperation (NDIC) indicates that there were 37,817 reported fraud cases within the year, out of which 59.2 per cent was internet and technology-based, costing businesses in Nigeria several billions of naira.
“It is also indicated that over 81 per cent of cyber security incidents in the country are either unreported or unresolved, leaving room for the proliferation and escalation of illicit cyber activities.
“In fact, the recent apprehension of 77 cyber criminals by the Federal Bureau of Investigations (FBI), several of whom are Nigerians, leaves much to worry about,” Yakubu said.
The senator expressed concern that the country still lags behind in infrastructure sophistication, data management and digital security and know-how which he said are critical to the development agenda.
Yakubu said: “In fact, federal allocation to the ICT sector of the economy can only be considered as lip service, compared to the enormity of challenges therein. Manpower development in digital technology is equally a far cry.
“Even in Africa, Nigeria is at the bottom of cyber security manpower ratio to total population. Our institutions of learning do not seem to understand the world we live in today.
“Indeed, our cyber security consciousness and awareness rating does not come before that of any other country in the world.”
He urged the Senate to note that the growth of digital technology has brought about improved performance in all aspects of society.
“It is an economic development pillar guaranteeing national competitive advantage,” Yakubu said, adding: “It has led to rapid global communication and networking, provided ease in finding detailed answers to millions of questions every day, accelerated the growth and penetration of mobile telephony and its associated multimedia services, and in deed, propelled increased end-successes in all human endeavours.”
Source: The Nation
