Cost of cyber crime to hit $6 trillion annually – Report

A report by Cybersecurity Ventures has predicted that global annual cyber crime cost will grow to about $6 trillion by 2021.

The report released by the Cyber Security Experts Association of Nigeria (CSEAN), on Wednesday in Abuja, stated that the menace would soon include destruction of data, stolen money, lost productivity and theft of intellectual property.

Others include theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems including reputational harm.

According to the CSEAN President, Remi Afon, the estimate does not include the cost incurred for unreported crimes.

The Federal Government had estimated annual cybercrime loss to N127 billion annually.

Afon, who attributed the statistics to founder of Ponemon Institute, Larry Ponemon stressed the need to increase cyber security awareness adding that this would help curb the menace.

However, he stated that as part of efforts to seek global partnership towards combating the crime in Nigeria, the association would discuss in Switzerland, cyber-security awareness drive in Nigeria.

Afon stated that effort of CSEAN in cyber-security awareness campaign in Nigeria, the challenges and gains so far would be discussed.

He further disclosed plans to use the opportunity canvass for international support for the nation in its efforts to curb cybercrime.

“While multinational organisations are quick to roll out technology to Africa, it’s unfortunate that they are reluctant to support efforts of non-governmental organisations in highlighting the risk associated with new technologies and how to stay safe,” he added.

The Bern Symposium on Global Cybersecurity Awareness Messaging is expected to address the development of cyber-security awareness programs at the national and transnational levels.

The two-day workshop will discuss the assets and relationships that are leveraged to organize and deploy a maximally effective national cyber-security awareness campaign.

The Symposium’s objective is to establish a global strategy for transnational cyber security messaging, with assets deployed as a form of cybercrime prevention regimen, and maintained as an instrument of behavioural management subject to the same rigor as any other kind of public health measure.

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