Ict/Telecom
‘Cybercrime Damage Would Hit $6trn Annually By 2021’
Cyber security ventures are suggesting that damage by global cybercrime would hit six trillion dollars annually by 2021, Mr John Bray, U.S. Consul-General in Nigeria, has said.
Bray made the disclosure at the opening of a two-day conference organised by Cyber Security Experts Association of Nigeria (CSEAN) in Lagos, Wednesday.
The Tide source reports that the conference had the theme: “Mitigating Cyber Threats in the Digital Age”.
The consul-general said that cybercrime might soon become more profitable than global trade.
He also expressed worry that applications and infrastructure being built with an agile mindset could be easily adapted for purposes not originally conceived by their coders.
Bray said that, with Internet of Things (IoT) and the growth of the digital movement, there would be continuous increase of cybercrime.
“As the world embraces the IoT, big data, cloud and mobility, security must be more than an afterthought.
” With new threats appearing on a daily basis, and attackers continuously refining their techniques, it could be difficult to keep up.
” Businesses and government agencies need to evolve more infrastructure to cope with the ever-changing threats.
“Landscape organisations can no longer merely react to threats but need to create infrastructure that are agile and adaptive where breaches are addressed before they happen,” he advised.
Bray said that cyber security must become an enabler of businesses, lifestyles, healthcare and a better society.
He urged that workshops, plenary and breakout sessions at the conference should fully explore the issues and further prepare Nigeria’s cyber security industry for evolving challenges of the cyber space.
The envoy also urged Nigerians to join the U.S. Department of Homeland Security’s ongoing cyber security awareness campaign tagged “Stop. Think. Connect”.
Executive Vice Chairman, Nigeria Communications Commission, Prof. Umar Danbatta said that although the commission was not a security agency, it ensured that there was an enabling environment to assist security agencies in telecom-related security incidents.
He said that Nigeria was facing numerous challenges in cybercrime management as a result of absence of comprehensive and reliable demographic and biometric database.
” We also have insufficient expertise in the area of cyber and information security.
” We do not have sufficient inter- agency, regional and international collaborations, ” he said.
The executive vice chairman said that the commission had played several roles in combating cybercrime and developing cyber security.
” We have put in place relevant regulations to support security agencies such as registration on lawful interception.”
He added that the commission championed national SIM card registration, noting that the registration matched each SIM card with a biometric identity that served as a key database which governments and crime management programmes could rely on.
Danbatta also said that the commission played a major role in the implementation of national cyber security strategy.
Danbatta said that CSEAN was a partner in the “Stop. Think. Connect” campaign aimed at helping global digital citizens to stay safer and more secure.
He advised Nigerians to be more vigilant and develop safe online habits.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter