Cyber criminals unarmed but very lethal are on the prowl in Nigeria. The unchecked activities of these thieves are near plague.
At least count, Nigeria financial institutions lost some N7.3billion last year to cyber thieves.
This figure is just for reported cases and would have been higher if not that financial institutions are reluctant to report all losses to fraud because of its consequences on their image.
The impact of Cyber Crime and Cyber Security is so colossal that it has the capability of wiping out developmental gains of a nation and retarding her growth fortunes by many decades, in terms of Gross Domestic Product, if proper steps are not taken.
The unchecked activities of cyber criminals in Nigeria have been fueled by the anonymity of the internet, dearth of technical know how and the country’s lack of proper legal framework to deal with the deadly gang of thieves.
Cyber crime has also continued to thrive in Nigeria because of the unguarded nature of the country's internet topology that allows people to get access from just anywhere in the world.
This model, besides the security risk involved, also creates a high cost for users’ access as access is based on third parties.
The loss to the country as a whole is even more. Cyber crime is the greatest and perhaps most dangerous threat to the development of the country. Nigeria’s image has taken severe bashings because of this heinous crime.
The way forward is legal teeth to deal with the criminals. It also requires a defined internet topology for Nigeria.
Directorate for Cybersecurity (DfC), situated under the Office of the National Security Adviser (NSA), should be activated to respond to security issues associated with growing usage of internet and other information and communication technologies (ICTs) in the country.
Efforts like Global Network for Cybersolution, a non-governmental organization and nigeriafraud.org, an initiative put together by Michael Gbadebo, to fight the increasing activities of online fraudsters in Nigeria should be encouraged.
Importantly, there is need for government to shore up its IT literacy because it is widely believed that cybercrime thrives because government and its enforcement authorities lack IT knowledge to tackle the menace.
