The federal government has again taken another initiative to collaborate with stakeholders in the cyber security ecosystem to intensify the war against cyber criminals that have become more daring in recent times.
This was the crux of the Cyber security Conference 2022 with the theme “Future of cyber security: emerging issues and solutions,” organised to mark the 25th anniversary of the Central Securities Clearing System (CSCS) held in Abuja.
National Security Adviser Major General Babagana Monguno (rtd) in his keynote address said that outbreak of the COVID-19 pandemic led to the unprecedented rise in the dependence on cyberspace vis-a-vis advancement in technologies, innovations and service delivery. This, he said, led to a surge in the number of trade vectors and vulnerabilities in enterprise networks thereby increasing cyber security risks.
It can be Recalled that the Nigerian Communications Commission had said that Nigeria loses about 500 million US dollars annually to cybercrime, a figure which amounts to about 0.08 per cent of the country’s GDP.
The increasing rate of cybercrime has become more alarming than ever as it has become organised crime sometimes purportedly backed by state actors.
The cyber-security venture global rating showed that cybercrime is expected to grow by 15 per cent annually reaching an estimated 10.5 trillion US dollars by 2025 up from three trillion dollars in 2015 and the impact of cyber-attacks is no longer remote given the interconnectedness of systems, as it only takes one weak link to shut down an entire ecosystem.
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