‘80% of EFCC’s 978 convictions cybercrime related’

The Economic and Financial Crimes Commission (EFCC) has disclosed that as at September 2021, 80 per cent of its 978 convictions were connected to cybercrime and cybercrime related offences.

Describing the rise in cybercrime activities in Nigeria as alarming and worrisome, EFCC said it has resolved to leave no stones unturned in ensuring the menace is reduced to the barest.

“EFCC Chairman, Abdulrasheed Bawa, disclosed this at the Cyber Secure Nigeria Conference 2021 themed, ‘The Future of Cybersecurity in Nigeria’s Digital Transformation’, organised by the Cyber Security Experts Association of Nigeria (CSEAN) in Lagos, yesterday.”

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“He said cybersecurity experts believe that financial damages and losses could reach $6 trillion by the end of this year. He said studies have shown that cyber attacks are among the fastest growing crimes across the globe and that this upsurge was triggered by huge financial gains on the side of the perpetrators.”

“That is why it is not surprising that cyber security experts predicted that before the end of 2021, there will be a cyber attack incident every 11 seconds. This is nearly twice that of the year 2011, which was every 19 seconds.

“Equally, cyber attacks in general cause huge financial loss to the victims. Research has shown that cybercrime cost businesses, government agencies and consumers more than $1 trillion in 2020. This is around one per cent of the global GDP, while about $945 billion was lost to cyber incidents; $145 billion was spent on cyber security. This cost keeps on increasing yearly,” he stated.

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