Senate lament annual loss of over $500m to cybercrime

 

The Senate, on Wednesday, expressed concerns about the annual loss of $500 million to various forms of cybercrime across the federation. The Senate warned that if the national cybersecurity program were not effectively funded, the gains of the digital economy would be defeated.

Consequently, the upper chamber resolved to review and amend the Cybercrime (Prohibition and Prevention) Act, 2015 to end the exploitation of Nigeria’s digital space by cybercriminals and individuals with misguided intentions.

The President of the Senate, Senator Godswill Akpabio, expressed these concerns on Wednesday at the inauguration of a public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, at the Senate Complex in Abuja.

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The inauguration was at the instance of the Chairman Senate Committee on ICT and Cyber Security, Senator Shuaib Afolabi Salisu; the 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) claimed that Nigeria “is losing $500 million annually to all forms of cybercrime, including hacking, identity theft, cyberterrorism, harassment, and internet fraud.”

At the inauguration of the public hearing on Wednesday, the Senate President lamented that certain individuals with misguided intentions “are exploiting 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 cybercriminals.

The Senate President 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 to strengthen the existing laws on cybercrime prohibition and prevention. In the past, certain individuals with misguided intentions exploited our weak cybercrime laws, thereby tarnishing our country’s reputation.

“They engaged in a wide array of illegal activities, such as hacking, identity theft, fraud, harassment, and cyberterrorism. 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.”

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 cybercriminals.

In his opening remarks, 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 a wealth of knowledge, experience, and diverse perspectives on cybercrime to the forefront.

He pointed out that cybersecurity “is a complex and multidimensional challenge that requires a collaborative effort among the government, industry, civil society, and academia.”

Also at the inauguration, Umar expressed grave concerns about the alarming exploitation and growing widespread of cybersecurity across all sectors, noting that the high cases of cybercrime had placed demand on the country to review the country’s law.

Umar, who initiated the bill, said, “Prioritization of funding cybersecurity 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.

“If the National Cybersecurity Programme is not effectively funded, the gains of the digital economy will be defeated. There is a need for urgent amendments to the country’s cybercrime laws.

“The current provisions have handicapped the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), National Information Technology Development Agency (NITDA), Central Bank of Nigeria (CBN), and the Nigeria Police to do their work effectively.

“If we must survive as a federation, the current weak approach to enforcing national cybersecurity directives must be examined and prioritized among other considerations. Currently, EFCC, ICPC, NITDA, CBN, and Nigeria Police funding concentrate on fighting cybercrimes based on their limited Act.”