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419 : FG Okays N1.2b for Cybersecurity Directorate

Nigeria : the Federal Government has released N1.2 billion to its new Directorate for Cybersecurity (DfC) to respond to security issues

The Federal Government has released N1.2 billion to its new Directorate for Cybersecurity (DfC) to respond to security issues associated with growing usage of internet and other information and communication technologies (ICTs) in the country.

The development is bad news for con artists who have devised means of using the internet for fraudulent activities ranging from ’419’ scam mails, hacking and spoofing websites, among others.
THIS DAY checks in Abuja revealed that the money approved for the DfC as its take-off fund is the highest by an African nation towards addressing problems of online and other crimes committed using computer networks and allied technologies.
Also, former Legal Adviser of the National Information Technology Development Agency (NITDA) and lately Coordinator of the Nigerian Cyber crime Working Group (NCWG), Mr. Basil Udotai, has been appointed Director and pioneer head of the DfC.

The development trails a new report by the U.S. Government that the country followed by the U.K. topped the list of ’perpetrator’ countries of cyber crime activities in the year 2006.
The DfC, situated under the Office of the National Security Adviser (NSA), has been given the mandate to develop and implement a National Cybersecurity Policy and also coordinate the protection of critical information infrastructure in the country.
Meanwhile, the Internet Crime Report 2006, released by The Internet Crime Complaint Centre (IC3), a U.S. government agency and collaborative initiative of the National White Collar Crime Centre (NW3C) and the Federal Bureau of Investigation (FBI), set up to address cyber crime, has shown that the growing criminal activities targeting Americans resulted in estimated loss of $198.44 million last year.

The report says that 200,481 complaints were filed over crime including online fraud, intellectual property rights matters, computer intrusions (hacking), economic espionage (theft of trade secrets), child pornography, international money laundering, identity theft, among others.
According to the report, the Top 10 ’perpetrator’ nations in 2006 according to the ranking include : United States (60.9%), United Kingdom (15.9%), Nigeria (5.9%), Canada (5.6%) and Romania (1.6%). Others are Italy (1.2%), Netherlands (1.2%), Russia (1.1%), Germany (0.7%) and South Africa (0.6%).
According to the report, victims reported an average of $5,100 loss to "Nigerian Letter Fraud" last year when a total dollar loss of $198.44 million was recorded for all refereed cases, higher than the previous year’s figure of $183.12 million.
"Of those complaints with a reported monetary loss, the mean dollar loss was $2529.90 and the median was $724.00. Sixteen percent ( 15.6%) of these complaints involved losses of less than $100.00, and (39.4%) reported a loss between $100.00 and $1,000.00.
In other words, over half of these cases involved a monetary loss of less than $1,000.00. Nearly a third ( 31.6%) of the complainants reported losses between $1,000.00 and $5,000.00 and only 13.3% indicated a loss greater than $5,000.00.
The highest dollar loss per incident was reported by Nigerian Letter Fraud (median loss of $5, 100.00). Check fraud victims, with a median loss of $3,744.00 and investment fraud (median loss of $2,694.99) were other high dollar loss categories. The lowest dollar loss was associated with credit/debit card fraud (median loss of $427.50)", according to the report.

Author : Shina Badaru

Date : 04/06/2007

Source : http://www.thisdayonline.com/nview....

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