Global cybercrime market worth hits $288bn

 

Taiwo Longe, chief information officer, Central Bank of Nigeria (CBN), says the market value of global cybercrime has reached a whooping sum of $288 billion, an amount that is said to have surpassed global marijuana trade.

Longe made the disclosure while speaking on the topic: “Ensuring Information Security Assurance through policy framework” at the first National Cybersecurity Forum organised by the Office of the National Security Adviser in Lagos.

According to Longe, the rising wave of cybercrime globally is alarming and it is on that basis that United Nations released the damning figures recently.

“It is worrisome that the market worth of cybercrime globally has now hit $288 billion, an amount that has now displaced the global marijuana trade, and is about to displace the drug trafficking market which worth $411 billion. If anything, this alarming figure has only proven to us that we are in for a serious issue and that is the reason we need to combat this challenge head-on in Nigeria,” Longe said.

Earlier in his address, Magaji Aliyu from Department of Cybersecurity of the Office of the National Security Adviser (ONSA), said in view of the challenges of cybersecurity in Nigeria, the NSA had been on the forefront of ensuring all inclusive legislative discourse on cybercrime bill.

“In continuation of measures towards safeguarding the nation’s presence in cyberspace while ensuring protection of national critical information infrastructure, ONSA, in partnership with the Ministry of Communication Technology, Federal Ministry of Justice, among others, have agreed to host this ongoing summit.