By Christiana Ekpa and Ikechukwu Okaforadi
The Senate President Bukola Saraki today disclosed that, Nigeria lost an estimated sum of One hundred and Twenty Seven Billion Naira, to cyber-crime within one fiscal year.
Saraki, who doled out the information in Abuja at a three-day conference on ICT and cyber-crime, aimed at reviewing the Cyber-crime Act, said over 200,000 cyber attacks were recorded in one single day earlier this year, all over the world.
Represented by Deputy Minority Whip, Senator Philip Aduda, Saraki, said that efforts to revive Nigeria’s economy must necessarily include counter-measures to minimise losses, and shore up cyber-security architecture to better repel attacks.
Earlier in his address, Chairman of the committee on ICT and cyber-crime Senator Abdulfatai Buhari, Oyo North, said that the current law on cybercrime in Nigeria needs to be reviewed to meet the standard in developed countries in order to prepare the country for impending dangers.
“It has led to increasing access to the internet and broadband services providing opportunities for finding detailed answers to millions of questions every day.
He noted that information communication technology had become an avoidable component of society and thereby accelerated the pace of globalization.
Buhari said it was estimated that cybercrime would cost businesses in the world over $2 trillion by 2019.
“In Nigeria, though these experiences are often unreported for fear of customer apprehension, several financial institutions experience acts of e-fraud with resultant huge loses.”
He said in view of the threatening ramifications of e-crime and cyber risks there was a rise in global attention toward protection of the cyberspace.
The lawmaker, however, noted that enactment of Cybercrimes Act 2015 and the development of the National Cyber Security Policy and Strategy were efforts of the Federal Government at protecting the cyberspace.
In his address, Minister of Communication, Adebayo Shittu said globally, ICT had become a veritable tool for advancing growth and economic diversification.
“A World Bank study carried out in 2014 shows that every 10 per cent in ICT investment generates a corresponding 1.38 per cent increase in GDP.”
Represented by the Permanent Secretary in the Ministry, Abdulaziz Abdullahi, the minister noted that government had put in place a new ICT strategic roadmap to improve on the communication sector.
Senator Foster Ogola, vice-Chairman of the Committee, in his closing remark emphasised the need to develop a national curriculum, a digital curriculum on ICT and cybercrime.
On his part, Chief of Defence Staff, Major-General Abayomi Gabriel Olonishakin,who was represented by Major-General Ademo Salihu-Director, Defence Communication also spoke on the need for effective enforcement of cybercrime laws to deter and penalise cyber mischief.
Recall that former President Goodluck Jonathan had 15th May, 2015 signed into Law a Bill for an Act to Provide for Prohibition and Punishment for Electronic Fraud and Electronic Transfer
of Funds Crime in Nigeria.