National Summit on Cybercrime 2024

It is with great pleasure I address this all important gathering of National Summit son Cybercrime 2024 organized by the Economic and Financial Crime Commission (EFCC), an event to mark a turning point in reducing the risk of cyber-attacks and safeguarding our digital lives.

Since the establishment of the Economic and Financial Crime Commission in 2003, the mandate of the Commission in Nigeria has continued to yield significant results that moved the Country forward in terms of realizing its aims and objectives particularly on the following among others:

• The investigation of all financial crimes;
• The co-ordination and enforcement of all economic and financial laws and enforcement functions conferred on any other person or authority;
• The adoption of measures to identify, trace, freeze, confiscate or seize proceeds derived from terrorist activities, economic and financial crimes related offences;
• The facilitation of rapid exchange of scientific and technical information and the conduct of joint operations geared towards the eradication of economic and financial crimes.

Distinguished Ladies and Gentlemen, invited Guest, permit me to start with a few words about the Internet and technology, how they are influencing the crimes we see today, and how we anticipate they will shape the crimes of tomorrow.

By now it has become obvious not only to those of us who gather at events like this but to the entire world: the Internet and related technologies have changed the way we work, play, and live. Everyone in this room is carrying a cell phone, tablet, or some other device that is connected to the Internet right now.

This boom in Internet-driven technology brings with it new opportunities for innovation, productivity, and entertainment. It is helping people connect locally and globally through email, social networking, and various other forms of communication. It is helping our businesses compete in expanding markets. It is giving us ready access to a seemingly endless stream of information, resources, and services unlike anything that preceded it.

Unfortunately, there is also a flip side to these advances. A tool that has become so vital to families, consumers, businesses, and governments was also bound to become a target for criminals. Not surprisingly, cyber criminals are taking advantage of the same advances in technology to perpetrate more complex and extensive crimes.

For the foreseeable future, cybercrime will increase in both volume and sophistication. By exploiting technology, the most skilled cyber criminals will be capable of committing crimes on a scale that will result in more lost data, greater damage to the security of networks, and greater risk to Internet users. We are already getting glimpses of this new criminal tide.

Our dependence on technology is also ushering in a new era of online breaches. Ever larger networks are processing more consumer data in an effort to make our purchases simpler and less time consuming. These networks transmit vast amounts of personal and financial data, and enterprising hackers are targeting them to produce data breaches that dwarf anything we’ve seen before. Individual breaches regularly put at risk the financial information of tens of millions of consumers. This threatens consumer confidence and has devastating consequences for companies who have fallen victim.

We have also witnessed the rise of another type of intrusion that causes harms less simple to quantify. Rather than stealing money or valuable financial data, these breaches have robbed people of their privacy. Some hackers have become virtual home invaders, using malware to tap into personal webcams located in homes around the world so they can spy on our most intimate moments. Other hackers have broken into online storage accounts and personal devices to snatch personal photos or communications for money or prurient thrills.

In today’s digital age, cyber security is essential for protecting our personal information, financial assets, and national security. By understanding the importance of cyber security and adopting best practices to protect our online privacy, we can lessen the effect of Cybercrime across the nation. Remember, cyber security is a shared responsibility, and each of us plays a crucial role in maintaining a secure online environment.

As the threats increase daily, however, I want to call on the Federal Government in particular and all the relevant stakeholders to make sure that cyber security is receiving the dedicated attention it requires. It is important that we address cyber threats on multiple fronts, with both a robust enforcement strategy as well as a broad prevention strategy.

In conclusion, cybercrime is a serious issue. It’s like a digital thief or a bully. But by being careful and smart, we can keep ourselves safe. Remember, the internet is a wonderful place, full of exciting things to learn and explore. But just like in the real world, we need to be aware of the dangers and know how to protect ourselves.