Written By: Prof Anthony Eze

The recent disclosure by the National Information Technology Development Agency (NITDA) that Nigeria loses about one hundred and twenty-seven billion naira annually to cybercrime is quite unsetting. Also, the recent reports by a technology servicing company indicate that businesses in Nigeria lost about two hundred and thirty-four billion naira in 2017 cybercrime alone.

According to the 2014 annual report of the Nigeria Deposit Insurance Corporation (NDIC), between 2013 and 2014, fraud on e-payment platform of Nigeria’s banking sector increased by one hundred and eighty-three percent. Furthermore, global tracking of cyber attacks indicate that Nigeria is among countries that are vulnerable to software piracy and other cybercrimes. The development is reportedly due to the country’s inability to properly guard her information system.

Undoubtedly, cybercrime puts any country’s economy and security at risk. Now that the global IT industry is expected to hit five trillion dollars later in the year, government should provide adequate security for the nation’s information system.

Apart from the financial losses, the activities of cybercrime fraudsters have dented the image of the country. The nation is yet to overcome the bad image given to it by the ubiquitous “Yahoo Yahoo boys” who scam unsuspecting people, including foreigners. While the Economic and Financial Crimes Commission (EFCC) is waging a relentless war against the scourge, rational thinkers say that their efforts have not sufficiently deterred those behind it.

Therefore, it is believed that this is the right time to fully enforce the Cybercrime Act 2015. The passage of the Cybercrime Bill into Law four years ago raised the hope that Nigeria was, indeed, ready to tackle the menace. However, the enforcement of certain aspects of the law has been allegedly selective, making it possible for most of the criminals to escape with their loot. Many stakeholders believe that if the Cybercrime Act is strictly enforced, the international community would have seen the results and change their perception of the country.

Since cybercrime has become a global menace, it should be tackled frontally. The EFCC needs the cooperation of all stakeholders to deal with it. The Office of the National Security Adviser should organize more public enlightenment programmes on the effects of cybercrime.

It is good that telecoms operators and cyber security experts have made a case for an effective cybercrime law with severe sanctions for offenders. This has become expedient with the advent of the Internet Of Things (IOT) platform, where key industry players bring more operations online.

The Central Bank of Nigeria (CBN) is urged to introduce new regulations that will curb the rising cases of Cybercrimes. The upsurge in cyber fraud requires new rules and regulations that will address risks that make banks and financial services firms susceptible to money laundering, terrorist financial flows and other transactions.

This is necessary because the interconnected, borderless networking and unregulated financial services sector make it easy for Internet hackers to conduct illegal activities online. It is believed that the 31-member Cybercrime Committee set up by the Office of the National Security Adviser would bring far-reaching recommendations that will help safeguard the nation’s cyberspace from internet fraudsters.

Therefore, any country that fails to adequately secure its cyberspace puts institutions and economy at great risk. This makes it compelling for the government to collaborate with the legislature to enact laws that the capable of securing our cyberspace. The relevant government agencies should also educate the public on how to guard against cybercrime.

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