Cyber insecurity and fraud threaten the integrity of Nigeria’s business scene. Over the years, the rate of cybercrimes has steadily increased. From business organisations to everyday Nigerians trying to get by, no one is exempt from the cyber infestation. The vulnerability of online transactions to hackers and fraudulent misappropriation discourages investments and multinational transactions, costing Nigeria a lot of money. According to a report released in 2022 by the National Communications Commission, Nigeria loses five hundred million dollars yearly to cyber fraud.
The dangers posed by cyber insecurity are numerous. Personal account hacks, fraudulent electronic mail, forgery, embezzlement, hacking, phishing (identity theft) and online harassment are some crimes and vices that permeate the internet sphere. In 2022, the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, announced that over 2,800 persons were arrested on allegations of cybercrimes. The threat of cyber insecurity is a hit to the nation’s integrity, hampering the growth of the business sector.
The proliferation of cybercrime in Nigeria is attributed to various factors. One major contributor is the widespread misuse of technology and a lack of robust cybersecurity measures. With increasing access to the internet and digital devices, perpetrators find ample opportunities to exploit system vulnerabilities and prey on unsuspecting individuals and organisations. Majorly the perpetrators of cybercrimes are persons of young ages, and this involvement is significantly influenced by unemployment and poverty in the country. The widespread poverty in the nation partly instigates internet fraud. Desperation to survive and succeed at all costs and the glamorisation of quick money in Nigerian media elicit sympathetic sentiments from other people who wish they could be fraudsters. Anecdotal accounts show that some parents are sympathetic to their children who indulge in internet fraud and even support these decadent ambitions.
For ordinary citizens, falling victim to cybercrimes can have devastating consequences. Identity theft can result in financial ruin and tarnished reputations, while phishing can compromise sensitive personal information. Moreover, the psychological toll of being deceived online can lead to mistrust of digital platforms and reluctance to engage in e-commerce or online banking. The surge in cybercrimes poses grave threats to large and small Nigerian businesses. Beyond financial losses resulting from fraud and data breaches, companies face reputational damage that can erode customer trust and loyalty. The disruptions caused by cyberattacks paralyse operations, leading to significant downtime and lost productivity. Small businesses, in particular, lack the resources to invest in robust cybersecurity measures, making them prime targets for cybercriminals.
In 2015, the Cybercrime Act was passed to create structures that enhance internet security, protect the government, businesses, and internet users, and sanction cyber offenders. Despite the Cybercrime Act 2015, cybersecurity has only grown in Nigeria. The failure of the Act is attributed to the inadequate sanctions it metes out to offenders. For most crimes, the Act prescribes sanctions of imprisonment or fines, arguably disproportionate to the crimes. The shortfalls of the 2015 Act led to an amendment assented to in February 2024 by the country’s incumbent President.
Despite creating the Cybercrimes (Prohibition and Prevention) Act and ratifying the Budapest Convention on Cybercrime in 2022, Nigeria is still struggling to get a hold of the increasing cybercrimes. To combat the escalating cybercrime epidemic, concerted efforts are required from various stakeholders. Nigerian authorities must prioritise cybersecurity initiatives, including establishing specialised task forces to combat online fraud and enhance digital forensics capabilities. Collaboration between law enforcement agencies, cybersecurity experts, and international partners is crucial to investigate and prosecute cybercriminals effectively. Recently, the British government launched a Thrive Online campaign to create awareness and curb cybercrimes in Nigeria after the NCC released a report revealing Nigeria’s losses to cyber insecurity. Through comprehensive cybersecurity education and awareness campaigns targeting individuals and businesses, Nigeria can build a more resilient digital ecosystem by equipping the populace with the knowledge to identify and mitigate cyber threats.
The increasing rate of cybercrimes in Nigeria poses multifaceted challenges to its populace and businesses. Without decisive action, the integrity of Nigeria’s digital infrastructure remains at risk, threatening its economic prosperity and societal well-being. By prioritising cybersecurity measures, fostering collaboration among stakeholders, and promoting digital literacy, Nigeria can mitigate the impact of cybercrimes and safeguard its digital future.
