Senate panics as Nigeria loses $450m in 3,500 cyberattacks

Senate has raised alarm over “current and threatening” dimensions of cyber attacks, citing a loss of more than $450 million in about 3,500 cyber attacks on Nigerian ICT space. On Tuesday, it urged National Security Adviser Babagana Monguno to alert security agencies and financial institutions, after a motion to secure the country’s cyberspace. The motion […]

Senate has raised alarm over “current and threatening” dimensions of cyber attacks, citing a loss of more than $450 million in about 3,500 cyber attacks on Nigerian ICT space.

On Tuesday, it urged National Security Adviser Babagana Monguno to alert security agencies and financial institutions, after a motion to secure the country’s cyberspace.

The motion was sponsored by Senator Buhari Abdulfatai (APC, Oyo) who chairs the Senate Commitee on ICT and cybercrime, cited government servers currently under serious threat.

"In view of voluntary and involuntary insider compromise, together with poor information technology standards in the country, Nigeria’s security and financial system could be an easy prey to the heightened threatening ramifications of e-crime," Abdulfatai.