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Fresh worry over non passage of cyber security bill to curb e-fraud

By Emeka Aginam

Lack of appropriate legal framework needed to prosecute offenders in e-fraud appears to be turning Nigeria into a preferred destination for cybercriminals who now use the country as a base to target developed economies.

This development, according to report has made banking industry to incur loss of revenue of about N159 billion through cyber crime between the year 2000 and 2013 respectively.

Just recently,   Information Security Society of Africa, Nigeria (ISSAN) and   stakeholders in the banking industry at the end of a roundtable organized by the society in collaboration with an IT firm, Digital Encode Limited, for Chief Internal Auditors and Chief Information Officers of bank expressed fresh worry over absence of an appropriate legislation to deal with electronic offenders in the country.

The forum  held in Lagos among other things discussed the incessant attacks by cybercriminals on banks, action plan for the protection of payment systems and the banking industry as a whole, the Central Bank’s biometric project and its impact on banks and consumers alike, from a security perspective.

  In a communiqué issued at the end of forum, participants identified the inability of the National Assembly to pass the Nigeria Cybercrime Act into law as a major drawback in curtailing cybercrime in the country.

Already,  ISSAN at the end of the forum  had  inaugurated   a committee to act as the industry’s pressure group to liaise with the National Assembly towards a speedy passage of the cybercrime law.  

Members of the committee included the Managing Directors of Interswitch, and NIBSS,   the representatives from the Bankers Committee; the National Security Adviser and the CBN, among others.


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