Connect with us
Advertise With Us


Nigeria Loses $649m To Cyber Fraudsters In 2017



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.



WORLD1 min ago

Deadly Monsoonal Floods In Asia

Monsoon flooding and landslides continued to cause havoc in South Asia on Tuesday, with the death toll rising to 78...

NEWS6 mins ago

Insecurity: Ex-Commissioner Caution Leaders On Divisive Statements

Chief Egwu Chima, former Commissioner for Information and State Orientation in Ebonyi, has cautioned leaders to desist from making statements...

NEWS14 mins ago

NGO Engages 130 Stakeholders From 26 Schools On UBE/SUBEB Intervention Projects 

A Non Governmental Organization (NGO) Legal Awareness For Nigeria Women LAWN/LEADS-Nigeria in partnership with MacArthur Foundation held a sensitization program...

NEWS16 mins ago

Building Collapse: NEMA Confirms 14 Dead, 4 Injured In Jos

The National Emergency Management Agency (NEMA) says 14 persons have so far died and four others severely injured in the...

WORLD19 mins ago

EU Nominee Von Der Leyen Pledges Strong Action Against Climate Change

Ursula von der Leyen, the German candidate for President of the European Commission, on Tuesday said she would put forward...

NEWS24 mins ago

LASG Promises Mass Housing Delivery, To Tackle Vandalism

The Lagos State Government, on Tuesday, pledged its commitment to mass housing delivery, in spite of the setbacks caused by...

nigeria School Feeding Programme nigeria School Feeding Programme
EDUCATION29 mins ago

School Feeding: FG Distributes Bowls, Spoons To 523,000 Pupils In Kaduna

Mr Olugbenga Oyeneyin, Monitoring and Evaluation Unit, National Home-Grown School Feeding Programme (NHGSFP), Abuja, says the Federal Government has begun...



%d bloggers like this: