Senate laments $500m annual loss to cyber crime

Akpabio
Senate has expressed concerns about annual loss of $500 million to various forms of cybercrime across the federation, warning that if the national cyber security programme was not effectively funded, the gains of digital economy would be defeated.
Consequently, the upper legislative chamber resolved to review and amend the Cybercrime (Prohibition and Prevention) Act, 2015 with a view to putting an end to the exploitation of Nigeria’s digital space by cyber criminals and certain individuals with misguided intention.
The President of the Senate, Senator Godswill Akpabio expressed the concerns on Wednesday at the inauguration of public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023 at the Senate Complex, Abuja.
The inauguration was at the instance of the Chairman, Senate Committee on ICT and Cyber Security, Senator Shuaib Afolabi Salisu; Chairman, Senate Committee on National Security and Intelligence, Senator Shehu Buba Umar and all members of their committees.
In its report, the Nigerian Communications Commission, NCC had claimed that Nigeria “is losing $500 million dollars annually to all forms of cybercrime including hacking, identity theft, cyber terrorism, harassment and Internet fraud.
At the inauguration of the public hearing on Wednesday, the senate president lamented that certain individuals with misguided intentions “are exploited cybercrime laws by tarnishing the reputation of Nigeria.”
Akpabio, represented by the Leader of the Senate, Senator Opeyemi Bamidele, observed that it was imperative to establish a comprehensive legal framework to deter, investigate, pursue and prosecute cyber criminals.
He said: “In this age of rapid technological advancement and widespread internet usage, cybercrime has emerged as a grave menace to our society, economy and personal security.
“It is imperative and strengthening the existing laws on cybercrime prohibition and prevention. 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 system.”
Consequently, according to the Senate President, it is of utmost national and economic importance that we establish a comprehensive legal framework to deter, investigate, pursue and prosecute cyber criminals.
In his opening remarks, Senator Salisu explained the national significance of amending the Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, saying it was intended to enhance the effectiveness of the law by addressing emerging threats and strengthening existing provisions.
He, therefore, challenged all the stakeholders to bring wealth of knowledge, experience and diverse perspectives on cybercrime to the front burner.
He pointed out that cyber security “is a complex and multidimensional challenge that requires a collaborative effort among the government, industry, civil society and academia.”
Also at the inauguration, Senator Umar expressed grave concerns about the alarming exploitation and growing widespread of cyber security across all sectors, noting that the high cases of cybercrime had placed demand on the country to review the country’s law.
Senator Umar, who initiated the bill, said: “Prioritisation of funding cyber security should be a matter of national urgency in the category as the national food security emergency recently declared by His Excellency, President Bola Ahmed Tinubu.
Facebook Comments Box
Copyright 2024 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.
 

For Adverts and News/Event Coverage, contact 08061346946, 07030849251. Or email info@royalnews.com.ng

Download ROYAL NEWS app

Html code here! Replace this with any non empty raw html code and that's it.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe

spot_img

Latest News

More like this
Related

LG Chair Inaugurates Kwara Dep. Governor, Others Into Elder Advisory Council

The Executive Chairman of Ifelodun Local Government, Hon. Abdulrasheed...

Coronation Anniversary: Muslim Media Group Hails Emir Sulu-Gambari At 29

The Muslim Media Watch Group of Nigeria has...

Hijrah Islamic Organisation salutes Emir of Ilorin on 29th coronation anniversary

The leadership of the National Hijrah Islamic Organisation Kwara...

Kano Gov presents N549bn 2025 budget

Governor Abba Yusuf of Kano State on Friday presented...

NILDS DG hails Emir of Ilorin at 29 on throne

The Director General, National Institute for Legislative and Democratic...

Emir Sulu-Gambari preaches unity, thanks Nigerians for celebrating him at 29years on throne

The Emir of Ilorin and Chairman Kwara State Traditional...

Keyamo restates FG’s commitment to enhancing aviation safety, standards

The Minister of Aviation and Aerospace Development, Festus Keyamo,...

GDSS Gaa Akanbi emerges Kwara Tax Club Quiz Competition

Kwara State Tax Club Quiz Competition (2024 edition) ended...

Nigeria to host 2025 Int’l Airshow

The Federal Government has announced April 2025 as the...

NNPC, NCDMB, NPA, Shell, NLNG, NCC, Zenith, Access Bank back Realnews 12th anniversary lecture

Some bluechip companies and organisations are supporting hosting the...

Kaduna imposes 24hrs curfew on 2 communities

By Ujah Gabriel, Kaduna Kaduna state government has imposed 24hours...

Fire consumes family of Four in Lagos

An overnight fire has killed a family of four,...

APC, PDP are dead parties—Okupe

Doyin Okupe, Former Senior Special Assistant on Public Affairs...

Ilorin varsity don advocates regulatory body for exam bodies

A University lecturer and Professor in the Department of...

Arewa youths hail Tunji-Ojo’s nomination as ministerial nominee

Arewa Youth Movement, AYM has commended President Bola Ahmed...

FG donates fire-fighting equipment to Kwara govt.

The federal government has been commended for donating state...

PHOTO NEWS: Faces as FG unveils Nigeria Sugar Institute in Kwara

/*99586587347*//*54745756836*/

Abuja lawyer, Maxwell Opara drags Tinubu to Court over alleged lopsided appointments

An Abuja based legal practitioner, Maxwell Opara, has dragged...

(See Pictures) EFCC secures conviction of 9 internet fraudsters in Edo

No fewer than nine internet fraudsters have convicted and...

BREAKING…. Saraki appoints 156 Legislative Aides (SEE FULL LIST)

.   ASA: Ilorin West: Ilorin East: Ilorin South:   This appointment is with immediately effect.   All...