Senate moves to avert $500b yearly loss from cybercrime, sets to amend law

To put an end to the yearly loss of $500 billion to cybercrime, Nigeria’s 10th Senate Wednesday resolved to review and amend the Cybercrime (Prohibition and Prevention) Act, 2015.

Senate President Godswill Akpabio disclosed this Wednesday at the inauguration of a public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023 at the Senate Complex, Abuja.

The inauguration was at the instance of the Chairman of, the Senate Committee on ICT and Cyber Security, Senator Shuaib AfolabiSalisu; the Chairman of, Senate Committee on National Security and Intelligence, Senator Shehu Buba Umar and all members of their committees.

In its report, the Nigerian Communications Commission (NCC) claimed that Nigeria “is losing $500 million annually to all forms of cybercrime including hacking, identity theft, cyber terrorism, harassment and Internet fraud. At the inauguration of the public hearing on Wednesday, the senate president lamented that certain individuals with misguided intentions “are exploited cybercrime laws by tarnishing the reputation of Nigeria.”

Represented by the Leader of the Senate, Senator OpeyemiBamidele, he observed that it was imperative to establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.

According to the Senate president, it is of utmost national and economic importance that we establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.

In his opening remarks, Salisu explained the national significance of amending the Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, saying it was intended to enhance the effectiveness of the law by addressing emerging threats and strengthening existing provisions, challenging all the stakeholders to bring a wealth of knowledge, experience and diverse perspectives on cybercrime to the front burner.

Also at the inauguration, Umar expressed grave concerns about the alarming exploitation and growing widespread of cybersecurity across all sectors, noting that the high cases of cybercrime had placed demand on the country to review the country’s law. Umar, who initiated the bill, said: “Prioritisation of funding cybersecurity should be a matter of national urgency in the category as the national food security emergency recently declared by His Excellency, President Bola Ahmed Tinubu.

“If the National Cyber Security Programme is not effectively funded, the gains of the digital economy will be defeated. There is need urgent need for the country to amend the country cybercrimes.