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Nigeria Loses $450m To Cyber-crime – Senate

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By Ahuraka Isah, Abuja
Senate yesterday stated that Nigeria has lost about $450million to 3, 500 cyber-attacks on its information and communication technology, ICT space, representing over 70 per cent of hacking attempts so far on the technology in the country.
The senate, which relied on revelations from studies to arrive at the amount, expressed worry that the government servers are currently under serious threat.
It lamented that the ICT shortfall in Nigeria is enormous, while its cyberspace is porous and that the system lacks a well-structured and effective approach to cyber-crime control, according to the oversight findings of the Senate Committee on ICT and Cybercrime.
The Senate therefore urged the National Security Adviser, Major General Mohammed Babagana Monguno (rtd) to alert all security agencies and financial institutions about the current and threatening dimensions of cyber-attacks in the country.
It also mandated its Committee on ICT and Cybercrime to immediately convoke a National Stakeholders’ Conference on Cyber Security with a view to stimulating a collective reflection among relevant stakeholders and articulating a national and broad-based approach to keeping the country ahead of the challenges.
These were sequel to a motion, titled: “Worrisome dimension of cyber-crime and insecurity, urgent need for concerted efforts to secure Nigeria’s cyberspace”, sponsored by Senator Abdulfatai Buhari (APC Oyo North).
Leading the debate on the motion, Senator Buhari noted that “in view of voluntary and involuntary insider compromise, together with poor information technology standards in the country, Nigeria’s security and financial system could be an easy prey to the heightened threatening ramifications of e-crime.”
The lawmaker therefore affirmed that there was an urgent need to up-scale Nigeria’s consciousness towards protection of the country’s cyber-space.



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