Director-General of National Information Technology Development Agency, NITDA, Kashifu Abdullahi, has said,
Proceeds from global cyber crime is currently $8 trillion and would hit $10.5 trillion by 2025, saying the rise in proceeds from cyber crime globally signals the urgent need for insurance covers.
The NITDA boss, disclosed this when he led his agency’s management team to NAICOM on a courtesy visit in Abuja.
He also said his agency is partnering the National Insurance Commission, NAICOM, to promote cyber security insurance in the country.
He explained that there is need to institutionalise cyber insurance as Nigeria loses about N200 bilion to cybercrime annually.
The NITDA boss stressed the importance of securing the insurance, as the commission had the primary mandate of insurance, the agency also had certain mandates relating to cyber insurance, including development of information technology in Nigeria, of which cyber security was an integral part.
In his remarks, the Commissioner for NAICOM, Olorundare Thomas, aligned with the NITDA boss that it had become expedient to have an insurance cover that addressed risks associated with the technology industry.
He said: “Looking at the volume of data that are driven daily, cost associated with data, magnitude and impact of the economy of nations, if there should be any economy that should be more concerned about cybercrime, it should be Nigeria.
“The more we look forward to using technology to resolve many problems, we must also seize the opportunity to increase our workforce.”
