The Nigerian Senate has disclosed that a whooping $450 million has been lost by the Federal Government as a result of persistent cyber attacks on the nation’s Information and Communication Technology (ICT) space.
The shocking revelation was made in a motion filed by the Chairman, Senate Committee on ICT and Cybercrime, Senator Buhari Abdulfatai while briefing his colleagues on the challenges facing the country in its bid to revolutionise the ICT industry.
The senator said the activities of some criminal elements in the nation’s cyber space pose serious threats to business, national economy and security through the use of malicious social media, electronic fraud, identity theft, data damage or alteration as well as espionage.
“Nigeria’s security and financial systems can be easy preys to the heightened threatening ramifications of e-crimes,” he said.
In his remarks, Deputy Senate President, Ike Ekweremadu who presided over the plenary, said it had become expedient for the nation to protect itself following mounting warnings of a looming cyber war.
“I think this is not just about our e-mails, but this motion seeks to address concerns on the possible attack of our institutions ,” Ekweremadu said.
“There are warnings that there might be a cyber war. As such, we must get ready to prevent any attack on our institutions,” he added.
In its resolution, the Senate urged the National Security Adviser (NSA), Babagana Monguno, to immediately alert all security agencies and financial institutions in the country about the current and threatening dimensions of cyber attacks.
It also mandated the committee on ICT and Cybercrime to, as a matter of urgency, convene a stakeholders’ forum on cyber security with a view to keeping the country abreast and ahead of the challenge.