According to the Information Security Society of Africa- Nigeria (ISSAN), cybercrime is a growing trend, for which the country has been ranked third in global internet crime after the US and UK respectively, and 7.5% of the worlds hackers are Nigerians.
A CBN report shows that 70% of attempted or successful fraud/forgery cases in the Nigerian banking system were perpetrated via the electronic channels.
Banks in Nigeria have lost approximately N159 billion to electronic frauds and cybercrime between 2000 and 2013 and the impact on the nations cash-less policy is significant. In Nigeria, customers lost about N6 billion in the year 2014 whilst South Africa lost about R453 million (approximately N8 billion) in the same year to cyber criminals.
The recent report by the Centre for Strategic and International Studies (CSIS) unveils that the global economy suffers a loss of about USD 445 billion annually due to all sorts of cybercrimes on the Internet. The damage to business from the theft of intellectual property alone exceeds the USD 160 billion loss to individuals from hacking yearly.
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