Nigeria Faces Cybercrime Crisis, With Losses Estimated at $500 million Annually, Says VC
WARRI/Nigeria: Prof. Stella Chiemeke, Vice Chancellor of the University of Delta, Agbor, has revealed that Nigeria is one of the countries most severely impacted by cybercrime, with estimated annual losses reaching a staggering $500 million.
She made this statement while presenting a paper titled “Cybersecurity and Business Survival in Nigeria: Building Customers’ Trust” at the 7th Southern Zonal Accountants’ Conference in Warri.
In her address, Prof. Chiemeke outlined the various forms that cyberattacks can take, including phishing, ransomware, and business email compromise, which collectively pose significant threats to individuals, businesses, and organizations, leading to substantial financial losses.
Highlighting the lack of awareness in the corporate sector, she noted that only 30% of organizations in Nigeria are equipped with adequate cybersecurity measures. She urged businesses across the nation to implement robust cybersecurity strategies to combat this alarming trend.
“Establishing effective cybersecurity protocols is essential not only for safeguarding assets but also for building customer trust,” Prof. Chiemeke emphasized, underscoring that proactive measures can help organizations avoid ongoing financial losses and foster a secure business environment.
