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Monday 6 November 2017, Nigeria Senate President Dr Bukola Saraki, President of the Senate,  who was represented by Philip Aduda (Senate minority Whip), He revealed that Nigeria has lost about N127 billion to cybercrime, This was announce during the Legislative Stakeholders Conference on ICT and Cybersecurity in Abuja the First type in the History of Nigeria

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He said the loss was indicative of the hole created in the economy by cybercrime amounting to 0.08 per cent of the Gross Domestic product (GDP). “It is indeed ironic that while internet penetration in Nigeria is tentative at best, hovering at just over the 90 million people mark, a percentage of 47.7 per cent, internet-facilitated crime seems to be growing. Our cyber borders are very porous, indeed,” Saraki said.

He said efforts to revive the economy must include counter-measures to minimize the losses and shore up the country’s cyber security architecture to better repel attacks.

Saraki further said that cyber-attacks had in 2016 reached unprecedented level, globally with no sign of a downward trend.

“In recent times, we have seen the virulent use to which criminals and other shadowy agents have put the cyber space. The cyber ecosystem has been weaponized and manipulated to devastating effect to undermine democratic processes, influence voting in elections and whip up tension and divisions between societal groups. Over 200,000 cyber-attacks were recorded in one single day earlier this year all over the world. Major international financial institutions have had their systems crippled for up to 48 hours after being targeted by criminals using Distributed Denial of Service (DDoS), among other methods.”

He said such attacks threatened economic activities, adding that personal data of millions of people were compromised by cyber criminals, who demanded the payment of ransom before hijacked data could be released. The Senate president also talk about Kidnapping, Cyber kidnapping and Ponzi scheme MMM that use internet to defraud many Nigerians of their hard earn money.

He noted that “The ‘Stop. Think. Connect’ campaign initiative of the United States Mission was aimed at reducing cybercrime in Nigeria.

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During the Conference other reveling fact about Cyber security was announce and precaution that is need was also mentioned. The Chairman of the Senate Committee on ICT and Cybercrime also speak on the alarming growth of cyber attach and the estimation the effect and the cost of over $2 trillion for businesses by 2019