Nigeria losses $500m to cybercrime annually — VC, Delta Varsity

The Vice Chancellor of the University of Delta, Agbor, Delta State, Prof. Stella Chiemeke has raised concern over the increase in cybercrime in Nigeria, saying the country is losing an estimated $500 million yearly.

Prof. Chiemeke made the disclosure at the 7th Southern Zonal Accountants’ conference held in Warri when she presented her paper titled: “Cyber security and Business Survival in Nigeria: Building Customers’ Trust”.

She stated that cyber attacks can take various forms, which include phishing, ransomware, and business email compromise.

According to her, these negative impact would collectively pose significant threats to individuals, businesses, and organizations, which in the final analysis lead to substantial financial losses.

Chiemeke pointed out that lack of awareness in the corporate sector could be responsible for the severe impact being experience in Nigeria, noting that 30 percent of organizations are equipped with adequate cybersecurity measures.

To this extent, she urged businesses across the nation to implement robust cybersecurity strategies to combat this alarming trend.

Prof. Stella Chiemeke also declared that establishing effective cyber security protocols is essential for safeguarding assets and building customer trust while
proactive measures help organizations swim out of the current financial losses.

This, she explained, would foster secure business environment and reduce the amount of money being lost to the nation.