‘Cybercrime to cost $23.82trn globally by 2027’

A global cybersecurity specialist, Exclusive Networks Africa (EXN), has said that by 2027, the estimated cost of cybercrime globally would hit $23.82 trillion.

The Managing Director, EXN, Mr Anton Jacobz, made this known in Lagos, recently, during the inauguration of the company’s first physical office space in Nigeria after 15 years of virtual operations.

Jacobz said he arrived at $23.82 trillion using current exchange rate, adding that the source was from the National Cybersecurity Organisation, International Monetary Fund (IMF), Statistical Technology Market Outlook, among others.

He said since inception, the company had been in operation, emphasising the threat of cybercrime globally.

He said the current ransomware was far from being over, adding that as a cybersecurity company, it was intentional about diversity, inclusion and tailored to meet market needs.

According to him, Nigeria is the economic hub of West Africa and there are enormous opportunities yet untapped in the cybersecurity space.

Jacobz noted that the uniqueness of its inauguration from a distribution point of view was the wholeness of a global enterprise, quality investment in Nigeria and commitment that Exclusive Network had come to stay.

“We are a global economy with African experience and have come to stay in the long run.

“We have been doing tests for a number of years to understand how transactions are done, how our partners work, the challenges we have with the Naira and Dollar and I think we have got the model that will work here in Nigeria for the long run; implementing cybersecurity in your own taste in your own understanding,” he said.

Also speaking at the occasion, one of the partners, Mr Abiodun Adewoye, Channel Account Manager for Fortinet West Africa, said there was the need to create awareness on tapping the opportunities available in the cybersecurity space.

Adewoye said there was the need to create awareness and understand the nature of the new trends, threats and attacks.

He said the more people understood cybersecurity, the more they would see the need to imbibe the culture of security within their environment.

According to him, there have been lots of partnerships with some Federal Government agencies such as Galaxy Backbone and they have a lot of technology adoption within the agencies.

Another partner, Mr Dejo Akinyemi, Chief Executive Officer, TigerLogic Africa, said in his address that one admirable quality of Exclusive Network was its rich understanding of the African market, their choice and method of partner selection.

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