Senate worries over $500m revenue loss to cybercrime

The Senate yesterday expressed concerns over an annual loss of $500 million to various forms of cybercrime, warning that if the national cybersecurity programme was not effectively funded, the gains of the digital economy would be defeated. Senate President Godswill Akpabio spoke at the opening of a public hearing on the 2023 Cybercrime (Prohibition and […]

The Senate yesterday expressed concerns over an annual loss of $500 million to various forms of cybercrime, warning that if the national cybersecurity programme was not effectively funded, the gains of the digital economy would be defeated.

Senate President Godswill Akpabio spoke at the opening of a public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023 at the National Assembly, Abuja.

The upper chamber resolved to review the Cybercrime (Prohibition and Prevention) Act, 2015 with a view to putting an end to the exploitation of Nigeria’s digital space by cybercriminals.

In a report, the Nigerian Communications Commission (NCC) claimed that Nigeria is losing $500 million dollars annually to all forms of cybercrime including hacking, identity theft, cyber terrorism, harassment, and Internet fraud. 

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Akpabio, represented by the Leader of the Senate, Opeyemi Bamidele, said it was imperative to establish a comprehensive legal framework to deter, investigate, pursue, and prosecute cybercriminals.

The senate president said, “In the past, certain individuals with misguided intentions exploited our weak cybercrime laws, thereby tarnishing the reputation of our country. 

“They engaged in a wide array of illegal activities, such as hacking, identity theft, fraud, harassment, and cyber-terrorism. These crimes not only inflicted significant financial losses upon our country, but also invaded our privacy, disrupted critical infrastructure, and eroded trust in our digital systems.”

“It is of utmost national and economic importance that we establish a comprehensive legal framework to deter, investigate, pursue, and prosecute cybercriminals.”

The Chairman, Senate Committee on ICT and Cyber Security, Shuaib Afolabi Salisu, said the amendment to the Cybercrime Act was to enhance the effectiveness of the law by addressing emerging threats and strengthening existing provisions.