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Published On: Tue, Nov 7th, 2017

Businesses across the World Suffer $2trillion loss to cybercrime – Senate

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By Christiana Ekpa

Daily loses in businesses to Cybercrime across the world if not well checkmated by required security measures in various countries will be over $2trillion by 2019, declared the Chairman, Senate committee on ICT and cybercrime, Senator Abdulfatai Buhari (APC Oyo North).
This was as the Senate President, Bukola Saraki said Nigeria alone suffered N127billion of the loss.
Revelations on loses from the crime came to the front burner yesterday in Abuja at the ongoing Nigeria’s First Legislative Stakeholders Conference on ICT and Cyber Security organised by the Senate Committee on ICT and Cybercrime.
In his opening address at the conference, the Committee Chairman, Senator Abdulfatai Buhari said activities of criminal elements in societies across the world especially in vulnerable ones like Nigeria, have made the invention of cyber technology a nightmare for operators.
According to him, activities of such criminal elements have resulted into heavy losses in business which would be over $2trillion by 2019 going by available statistics.
“It is disheartening that the positive picture ICT advancement paints is being dampened by malicious activities of criminal elements in society.
“These elements invade the cyberspace, preventing further risks to national economies and security.
“Such risks include malicious use of the social media, identity theft, electronic fraud, data damage or alienation, espionage etc.
“In fact, it has been estimated that cybercrime will cost businesses in the world over $2trillion by 2019”, he said.

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