Cybersecurity: Nigeria Loses N3.133trn To Cybercrime Annually

Nigeria Loses N3.133trn To Cybercrime Annually

The National Information Technology Development Agency, NITDA, said yesterday, that Nigeria loses about N3.133 trillion to cybercrime and foreign software annually. 

Pantami Director General of the agency, Dr. Isa Ibrahim Pantami, who disclosed this at a stakeholders engagement on Nigerian Software Testing Guidance, NSTG, and the Guidelines for Information Systems Audit, GITA, in Abuja, also said N127 billion is lost to cybercrime annually due to the nation’s inability to adequately secure information systems. 

He said to guarantee safe delivery of services, it has become imperative to secure Nigeria’s information system. Pantami said there was urgent need to continually protect the country’s information systems from being compromised. 

He said: “There is urgent need to continually protect the country’s information system from being compromised. Today, most business processes are carried out electronically, and large amounts of information are stored, processed and transmitted over IT networks, which means businesses, administrations and citizens depend on proper operations of the information technology used.

Hackers exploited WhatsApp flaw to install spyware(Opens in a new browser tab) “Nigeria loses about N127 billion to cybercrimes yearly. This is caused in part by our inability to adequately secure our Information Systems, IS. Therefore, securing our IS is a must, if we want to guarantee safe delivery of our services.” Pantami, who deplored the huge loss by the country, noted that the indigenous software market in Nigeria loses about $10 billion (N3.06trn) annually to stiff competition from foreign off-the-shelf software used to meet local needs, where indigenous software could have provided the appropriate solutions. 

“Our indigenous software market has not been left out of the challenges of growth trend with stiff competition from foreign software. This trend has affected the growth of the local software sector, which is now in excess of $10 billion, if well harnessed. “The importance of software testing cannot be overemphasised in today’s rapidly growing technological environment as the global IT industry may reach $5trillion this year,’’ he said. 

In line with the federal government’s effort to ensure that government services go online and digital, Pantami said NITDA came up with two regulatory guidelines, NSTG and GISA, for professional inputs of stakeholders with the aim of arriving at a joint and successful implementation of the drafts.

Culled from: Vanguard Newspaper