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Nigeria Loses $649m To Cyber Fraudsters In 2017

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Nigeria has lost over $649million to cyber criminals in 2017, a Cyber Security report has revealed.

The report compiled by Serianu Limited and Demadiur Systems Limited, revealed that the financial loss was higher than that of year 2016 which stood at $550 million.

Presenting the summary of the report, the chief executive officer, Demadiur Systems Limited, Mr. Ikechukwu Nnamani said the banking and telecommunications sectors were worst hit. He noted that the financial loss was far higher than the $649million captured in the report because so many of the individual and corporate victims never came out to own up.

He said the country is the lowest in cyber security per person, adding that there is serious dearth of cyber security personnel in the country. According to the report, it showed that there is 90 per cent cyber bullying in the country.

Nnamani said insider threats remained the highest in the cyber security ecosystem, adding that the Central Bank of Nigeria (CBN) had to intervene in eTranzact because its platform was used to siphon N11billion through a financial institution.

He therefore urged all stakeholders in the information communication technology (ICT) ecosystem to brace for more attacks on the mobile phone. This he said would come as a result of the collaborative moves by the CBN and the Nigerian Communications Commission (NCC) to deepen mobile money scheme in the country.  “While cyber thieves are getting smarter, victims are getting greedy by the day,” he added.

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