-Urges Nigerians to desist from storing personal information on computers
Following the rising rate of cybercrime globally, the Nigeria Deposit Insurance Corporation (NDIC) has stressed the need for efficient and effective short and long term response to cybercrime by government.
Head, Information Technology Department of the Nigeria Deposit Insurance Corporation (NDIC), Mr Imade Uhunmwagho while presenting his paper at the ongoing 2021 Finance Correspondents and Business Editors workshop in Gombe maintained that cybercrime currently poses a great threat to individuals and organizations.
Themed, “Enduring Extreme Disruption: Resilience and Reinvention for Banking System Stability and Deposit Insurance”, the workshop was organised by the NDIC.
It is on record that the COVID-19 pandemic had skyrocked the rate of cybercrime.
According to Cybersecurity Ventures, cybercrime cost will grow by 15 per cent per year to reach $10.5 trillion by 2025.
In his paper titled, ‘Cybercrime &cyber-risks landscape in Nigeria & the need for consumer Protection’, Uhunmwagho was of the view that there should be increased efficiency and effectiveness in the investigation, prosecution and adjudication of cybercrime.
According to him, there should be efficient and effective short and long-term response to cybercrime by government, including national coordination, data collection and effective legal frameworks, leading to a sustainable response and greater deterrence.
Speaking further, he noted that there should be strengthened national and international communication/collaboration between government, law enforcement and the private sector with increased public awareness on the risks of cybercrime.
He said, “A number of key factors such as a high rate of unemployment, the quest for wealth, lack of strong cybercrime laws, and inadequate security on personal devices amongst others have blended to make cybercrime a significant problem in Nigeria.
“Absence of sufficient laws to prevent and punish cybercrimes. Advances in technology and improvement in the business environment that leads to high internet penetration and technology adoption.
He listed the factors leading to cybercrime in Nigeria to include, accessibility to data and mobile devices,
get rich quick mentality, bad Influencers that are accepted in the society, dearth of skilled personnel that can detect and track cybercriminalsand low level collaboration among jurisdictions on cybercrime.
He said, Cybercrime is a fast-growing type of crime, adding that more and more criminals are exploiting the speed, convenience and anonymity of the Internet to commit diverse range of criminal activities that know no borders; either physical or virtual, cause serious harm and pose very real threats to unsuspecting victims.
He listed some cybercrimes affecting businesses and individuals in Nigeria to include, Phishing attacks, Website, spoofing, Ransomware and Malware attacks.
Others are Business E-mail Compromise (BEC), romance Scam, Investment Scam, Bank Verification Number (BVN) fraud, identity theft and cyber talking.
He affirmed that the best protection against identify theft is to carefully guard personal information and never respond to email that asks for confidential or personal security information.
He urged Nigerians to desist from storing personal information on computer/browsers, and not be intimidated by an email that suggests dire consequences if the information is not provided immediately.
“Be suspicious if someone contacts you unexpectedly, asking for your personal information. Your financial institution will never call to get your personal details.
“Ensure to download your mobile banking app from Apple or Google app stores only. Ensure you get alert for every transaction that occur on your accounts. As a precaution, do not leave large sums of money in your online bankin
