Cybercrime: How To Tackle N78bn Yearly Losses, By FG

The Federal Government has listed key measures to be taken in Nigeria by individuals, corporate organisations and the governments to combat the N78 billion annual losses to increasing wave of cybercrime in the country.
The Minister of Communications, Mr. Adebayo Shittu, listed the strategies during a recent national computer science conference on cyber security and the emerging African economies at Igbinedion University, Okada, Edo State.
According to Adebayo, an effective response to cybercrimes requires a robust network security, including appropriate network architecture and software, use of encryption, data protection legislation, information security standards and other tools of threat protection and detection.
Other counter measures are to increase the awareness of information and communication technology (ICT) and cyberspace stakeholders on the need and possible strategies for combating and defeating cybercrime in all its ramifications and reduce the risk of data breaches and financial losses.
He said the country also needed to improve the capacity of relevant ICT and cyberspace stakeholders for the training and support of cyber security officials; share cyber security best practice from across the globe; build the capacity of local law enforcement in cybercrime prevention and cyber security footprint and ensure our curriculum adopt Internet Security education.
Besides, he stressed the need for advanced application development for capacity building and the encouragement of continuous research for development of indigenous security solutions, applications and tools to combat emerging threats in the fifth domain.
“We also need to build different layers of security defence such as installing Anti-virus tools, Firewall, Intrusion Prevention System (IPS), Intrusion Detection Systems (IDS), Data Loss Prevention (DLP), Honey Pot, System On Chip (SOC) and many more as well as show effectual strategies for drawing on the strengths of telecommunications in their efforts to tackle cybercrime,” he said.
Adebayo, however, said the Internet and digital technologies are the biggest transformational forces in the world today. “There are over five billion Internet-connected devices globally and in 2015 online commerce contributed over $10 trillion to the global economy,” he said.
According to him, the changing nature of economic and territorial threats have raised global concerns, stressing that the growing role of cyberspace has opened up new threats and new opportunities.
“This country must find ways to confront and overcome these threats if we are to remain functional as a sovereign entity in an increasingly competitive and globalised world,” he said.
He, therefore, disclosed that in the face of rising global insecurity and terrorism, the ministry is ready to partner with agencies to catalyse and develop world-class human and institutional capacity in cyber security.
According to him, the need for other frameworks such as cyber security awareness across business; cooperative arrangements between law enforcement and communication service providers across the nation and a criminal justice system that facilitate the efficient prosecution of cases of cybercrime are very germane.
“As we plan to settle into our duties of protecting our individual or corporate data, we ought to be continuously conscious of the reality of the cyber woes out there. Hence, there can be no better time to emphasise the need for strategic, continuous and innovative plans with respect to protecting our cyber space,” he said.