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Cost of cybercrime’ll reach $6tr by 2021 – Expert

Amidu Arije

The cost of global crime rate would reach $6 trillion by 2021 if nothing is done to the prevalent of the menace.

This was disclosed by a Microsoft Certified Technology Specialist, Mr. Yusuf Aweda, while speaking at a scholars/awards day programme organised by the Academic Excellence Initiative (AEI), a non-governmental organistaion in Lagos.

“The global cost of cybercrime will reach $6 trillion by 2021. According to the Ponemon Institute’s 2016 Cost of Data Breach Study, Global Analysis organizations that suffered at least one breach in 2016 lost an average of $4 million,” he said.

Aweda, who spoke on the topic  ‘Digital Transformation trends in Education,’ stated that cybercrime has created major threat to those using the internet as millions of users information have been stolen by these disgruntled elements.

“Cybercrime has created a major threat to those who use the internet, with millions of users’ information stolen within the past few years. It has also made a major dent in many nations’ economies,” he said.

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The technology specialist stated further that cyber security breaches are caused by malicious intent by the hackers saying the cost will rise by 48 per cent with a financial cost of $11.5 billion in 2019.

“Forty-Eight per cent of data security breaches are caused by acts of malicious intent. Cyber Security Ventures expects ransomware costs will rise to $11.5 billion in 2019. Cybercrime will cost more than triple the number of unfilled cyber security jobs by 2021,” he said.

Given tips on how cyber security can be fought and won, Aweda said: “Become vigilant when browsing websites, flag and report suspicious emails; never click on unfamiliar links or ads, use a VPN whenever possible and ensure websites are safe before entering credentials.”

He also tasked the Nigerian service providers to ensure the 2014 cybercrime law is strictly adhered to ensure safer cyber space for users.

“It is the duty of every service provider in Nigeria to comply with all the provisions of the Act and disclose any information requested by any law enforcement agency or otherwise render assistance howsoever in any inquiry or proceeding in the court of law,” he said.

While speaking at the event, Chairman of Alimosho Local government, Mr Jelil Sulaiman, said the local government has been trying make digitalisation a reality in schools within the council while calling on the state government to ensure that school syllabus are designed to meet global digitalisation demand.  “The Lagos state government should move school syllabus towards digitalization of our primary and secondary school syllabus so that their knowledge base will meet the demand o9f the 21st century requirement,” he said.

The council boss who sponsored the first prize of N250, 000 for the first position said his council partnered AEI because it believed it will benefit students within the council and Lagos state at large.

The Director of AEI, Mr Faheed Olajide, while given his welcome address on the occasion said it a fact that the world has become global village hence the need for all to embrace digitalisation of the education sector.

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Olajide who stated that the AEI organized pre-UTME CBT mock for students who wrote this year University Tertiary Matriculation Examination (UTME) by the Joint Administration Matriculation Board (JAMB) said it is disheartening to note that many of these students still find it difficult to align to the use of system as some of them have never come in contact with the system.

“AEI organised a pre-UTME CBT on a free of charge basis for over a thousand students. From the results and observations, it is sad that many students are yet to be well acquainted with the use of computers and by extension the computer base tests,” he said.

He said that some schools are aligning with the global digitalisation trends but much more still needed to be done.

“It is now an established fact that the world is already global village through digital transformation.

“We have found out that with this change, the education sector in Nigeria has also witnessed a lot of technological inputs, but more is still needed to be done,” he said.

In the contest which was keenly contested by 15 schools from both the public and private sector of the education saw Vetland Senior High school in the first position; Elias International school took the second position while Diary Farm Senior Secondary school came third.

This first position went home with N250, 000 with a trophy, while second and third position winners went home with N150, 000 and N100, 000 respectively.

Chairman of the occasion, Dr. Francis Origa, praise the AEI for its stride in making the education sector of the country better positioned with the training of youths at ensuring academic excellence for them.

“They are selling nothing other than academic excellence to the leaders of tomorrow to better the future of our nation,” he said.

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