Implication of Cybercrime on Business Operation and Investment in Nigeria
Implication of Cybercrime on Business Operation and Investment in Nigeria
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Date
2020-06
Authors
IDRIS, Musa
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Abstract
Businesses and consumers in Sub-Sahara Africa are facing increasing cyber-threats. The increase in cyber-attacks carried out by malicious cybercriminals taking advantage of a borderless playing field has posed as an obstacle to society's continued path to development. Specific key cyber-threats worldwide includes financial crimes, cyberterrorism, cyber conflict, cyber espionage, child online abuse and exploitation among others. These cyber-attacks can be attributed to vulnerable systems and lax cybersecurity practices threatening lives, crippling businesses and having in itself the capacity to scare off foreign direct investment. The paper seeks to determine the implications of cybercrime on business operations and investment in Nigeria. The study relied on secondary sources of data and analyzed the data using content analysis. The study identified poor security system as one of the major leading factors associated with cybercrimes. The high cost associated with maintaining a strong security system lias kept many organizations operating below the security poverty line from adequately protecting themselves against losses. The paper therefore recommends among others the fortification of national infrastructure by the government. The strengthening of cybersecurity measures will help prevent cyber-threats from undermining the stability of information societies thereby enabling digital technologies to become a source of development instead of a source of risk.
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Department of Public Administration, Faculty of Administration, Ahmadu Bello University, Zaria