The Chief Strategy Officer and Cyber Risk Services, Deloitte West Africa, Mr. Tope Aladenusi, has disclosed that Nigeria lost N5.5 trillion to fraud and cybercrimes in 10 years.
Aladenusi spoke during the recent webinar hosted by FirstBank of Nigeria Limited with the theme: ‘Staying Protected Amidst the Pandemic Chaos.’
According to Aladenusi, who doubles as the Cyber Risk service leader, the losses incurred from cybercrimes might be more than losses incurred from drug trafficking.
He also revealed that as of December 2020, global losses from cybercrime was over $1trillion.
Aladenusi attributed the rise in cyber frauds to insufficient skilled resources, deficiency in awareness, rapidly changing technology landscape and weakness in cyber security controls.
The New Diplomat had reported that Nigeria ranked 16th worst affected country by internet crime in 2020, according to a report of the United States’ Federal Bureau of Investigation (FBI).
However, the FirstBank Chief Information Security Officer, Mr. Harrison Nnaji, in his remarks, stated that the COVID-19 pandemic has given room for more digital access, thereby escalating the number of internet scams.
According to him, the online threat actors are taking advantage of the situation of the global pandemic to perpetrate several internet scams, ranging from phishing attacks to call centre scam, SIM hijack, and business e-mail compromise, among others.
Nnaji stated that the COVID-19 pandemic has accounted for an increase in online transactions, adding that consumers are presently faced with several associated cyber risks.
However, Nnaji noted that the Firstbank “had invested in human capital security tools and governance to combat any attempt by the cybercriminals to breach its security posture.”
His words, “People have increasingly relied on the internet to work, transact and stay entertained. But, with this increased use of internet services, the online threats that vulnerable people are exposed to have also increased.
“The escalated risks had led to general distrust and apathy, loss of resources, loss of interest in e-payments and financial inclusion. The escalated risks had increased stress on firms trying to rationalise dwindling funds to fight cyber-attacks. The bank had enhanced measures to combat breaches.
“FirstBank had invested in human capital, security tools and governance to combat any attempt by the cybercriminals to breach its security posture.
“We have ensured that all activities and procedures within the bank adhered to due process at all times, prompt software updates and deployment of the right security applications.”
