Businesses across the world lose $2trn to cybercrime —Senate

THE Chairman, Senate committee on ICT and cybercrime, Senator Abdulfatai Buhari disclosed on Monday that over $2 trillion by 2019 daily will be lost to cybercrime in business across the world if not checkmated by required security measures in various countries.

The senate president Dr Bukola Saraki however stated that the hole created in the economy by cybercrime amounts to 0.08% of the GDP, indicating a loss of about N127 billion.

The revelation came during the ongoing Nigeria’s First Legislative Stakeholders Conference on ICT and Cyber Security organized by the Senate Committee on ICT and Cybercrime.

The Committee Chairman, Senator Abdulfatai Buhari said in his opening speech said the activities of criminal elements in societies across the world especially in vulnerable ones like Nigeria, have made the invention of cyber technology a nightmare for operators.

He stressed that the activities of such criminal elements have resulted into heavy losses in business which would be over $2trillion by 2019 going by available statistics.

According to him “It is disheartening that the positive picture ICT advancement paints is being dampened by malicious activities of criminal elements in society.

“These elements invade the cyberspace, preventing further risks to national economies and security.

“Such risks include the malicious use of the social media, identity theft, electronic fraud, data damage or alienation, espionage etc.

“In fact, it has been estimated that cybercrime will cost businesses in the world over $2trillion by 2019. “, he said.

He therefore declared that in view of the threatening cybercrime, there was a need for all country to rise up to the challenge with adequate security measures of protecting their cyberspace, the very reason. , he emphasised the conference has been held for way out in Nigeria.

The Senate President, Bukola Saraki in his remarks said the porousness of Nigeria’s cyberspace should be addressed very urgently to prevent the huge economic losses being incited on daily basis not to talk of the danger of the looming security risk.

He said “it is indeed ironic that while internet Penetration in Nigeria is tentative at best, hovering at just over the 90 million people mark, a percentage of 47.7% internet facilitated crime seems to be growing.

“Our cybercrime borders are very porous indeed. Some 450 million dollars was lost to 3,500 successful cyber-attacks over a one year period.”