Senate laments $500m annual loss to cyber crime

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.