FG targets $500m annual revenue from cyberspace
…As Senate decries loss to cybercrime, moves to amend Cybercrime Act, 2015
…Poor funding hindering enforcement of cybercrime laws — Senate Committee
The Federal Government is looking to turnaround its $500million annual loss to cybercrimes to profit with an increased effort to tackle the menace.
A 2023 mid-year report by Checkpoint had earlier stated that cybercrime surged globally by 8 percent.
“Criminal activities have continued to rise in the first half of the year, with an 8 percent surge in global weekly cyberattacks in the second quarter marking the highest volume in two years.
“Familiar threats such as ransomware and hacktivism have evolved further, with threat groups modifying their methods and tools to infect and affect organizations worldwide. Even legacy technology such as USB storage devices, which have long been gathering dust in desk drawers, have gained popularity as a malware messenger,” said VP Research at Check Point Software, Maya Horowitz.
“Organisations need to build a cyber resiliency strategy and strengthen their defenses by adopting a prevention-first, integrated approach to cyber security. Cyberattacks are inevitable but can be largely prevented by proactive measures and the right security technologies,” the report recommended
The Nigerian Senate however, on Wednesday decried the annual loss of approximately $500 million to various forms of cybercrime across Nigeria.
The President of the Senate, Senator Godswill Akpabio while declaring open a public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023 at the Senate Complex, Abuja warned that the nation is at risk if national cybersecurity is treated with levity.
Akpabio, who was represented by the Leader of the Senate, Senator Opeyemi Bamidele, observed that it was imperative to establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.
“In this age of rapid technological advancement and widespread internet usage, cybercrime has emerged as a grave menace to our society, economy and personal security.
“It is imperative and strengthens the existing laws on cybercrime prohibition and prevention. In the past, certain individuals with misguided intentions exploited our weak cybercrime laws, thereby tarnishing the reputation of our country.
“They engaged in a wide array of illegal activities, such as hacking, identity theft, fraud, harassment and cyber terrorism. These crimes not only inflicted significant financial losses upon our country, but also invaded our privacy, disrupted critical infrastructure, and eroded trust in our digital systems.”
The Senate President also lamented that certain individuals with misguided intentions “are exploiting cybercrime laws by tarnishing the reputation of Nigeria.”
He equally said it was of utmost national and economic importance that “we establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.”
The Nigerian Communications Commission (NCC) had in a report claimed that Nigeria, “is losing $500 million annually to all forms of cybercrime including hacking, identity theft, cyber terrorism, harassment and Internet fraud.”
Earlier, in his opening remarks, the Chairman of the Senate Committee on ICT and Cyber Security, Senator Shuaib Salisu, explained the national significance of amending the Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023.
He said it was intended to enhance the effectiveness of the law by addressing emerging threats and strengthening existing provisions.
He, therefore, challenged all the stakeholders to bring a wealth of knowledge, experience and diverse perspectives on cybercrime to the front burner.
He pointed out that cybersecurity “is a complex and multidimensional challenge that requires a collaborative effort among the government, industry, civil society and academia.”
Also at the inauguration, his counterpart who is the Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Umar, expressed concerns about the alarming rate of exploitation and growing threat to cybersecurity across all sectors, noting that the high cases of cybercrime had placed demand on the country to review the country’s law.
Umar, who is the main sponsor of the bill, said, “Prioritisation of funding cybersecurity should be a matter of national urgency in the category as the national food security emergency recently declared by His Excellency, President Bola Ahmed Tinubu.
“If the National Cybersecurity Programme is not effectively funded, the gains of the digital economy will be defeated. There is an urgent need for the country to amend the country cybercrimes.
“The current provisions handicapped the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC) National Information Technology Development Agency (NITDA), Central Bank of Nigeria (CBN) and the Nigeria Police to do their work effectively.
“If we must survive as a federation, the current weak approach to enforcing national cyber security directives must be examined and prioritised among other considerations. Currently, EFCC, ICPC, NITDA, CBN, and Nigeria Police funding concentrates on fighting cybercrimes Activities based on their limited Act,” he explained.
