The internet has been one of the most significant technological innovations, with approximately 3.9 billion users worldwide.
The internet, which is widely praised for its simplicity and reliability, is also riddled with flaws that pose significant security risks to users.
Crimes committed with the help of a computer device and the internet are referred to as cybercrime. It’s important to remember that cybercrime is a global issue that costs countries billions of dollars every year.
Cybercrime is committed in Nigeria by people of all ages, from the young to the elderly, but the young are the most common perpetrators, In Nigeria,.Several Nigerian youths participate in cybercrime in the hopes of making money.
Several fundamental causes in Nigeria have converged to make cybercrime a significant problem for the country.
High rate of unemployment, poor economy, the desire for wealth, a lack of solid cybercrime regulations, and inept personal computer protection, and a few to mention can be linked to the cause of cybercrime in Nigeria.
Nigeria loses around N200 billion a year to cybercrime, according to financial services analysts.
Sadly Cybercrimes in Nigeria have since negatively impacted the country; examples of this are ruining the country’s image, challenging environments for start-ups and small and medium-sized businesses. Cybercrime has also prevented foreign firms from investing in the economy.
Cyberattacks also increased tremendously due to COVID-19 restrictions and lockdowns; we all know cybercrime has been around for a long time, but it grew because of the time people spent online, combined with the sense of confinement and the anxiety and fear generated during the lockdown.
During the covid-19, Lockdowns several fraudulent e-commerce platforms, websites, social media accounts, and emails to defraud victims.
An example of this is a set of people who tried to convince people to buy coronavirus-related medical products; victims were asked to pay via bank, to mention a few.
The Nigerian Government has played different parts in curbing these crimes. In 2019, the Economic and Financial Crimes Commission (EFCC) of Nigeria and the Federal Bureau of Investigations (FBI) of the United States arrested 281 people for cyber-enabled financial fraud, with 167 of them being arrested in Nigeria.
The Nigerian Government also established SARS (Special Anti-Robbery Squad) security department to combat cybercrime. Still, several complaints stated that the Unit had neglected its duties which led to the End sars movement in 2020. The Unit has since been disbanded, but Nigerians still do not have public confidence in the new Police unit created.
Cybercrime has eaten deep in the country; it is unlikely to eradicate cybercrime; collaborative efforts by individuals, businesses, and governments could go a long way toward reducing it to a manageable level.