February 22, 2018

Global cyber crime costs hit $455b yearly – ISSAN

Global cyber crime costs hit $455b yearly – ISSAN

The Chairman, Information Security Society of Africa- Nigeria (ISSAN), David Isiavwe yesterday lamented that the cost of cybercrimes across the world have now hit $455billion yearly, adding that the era of Internet of Things (IoTs) posed even greater dangers to the cyberspace.

Speaking in Lagos during the seventh Annual Payment Systems and e-Fraud Conference organised by the Electronic Payment Providers Association of Nigeria (E-PPAN) at the Civic Centre, he said systems must meet the three criteria of availability, integrity and confidentiality to be able to weather the storm of emerging challenges of the cyberspace.

The forum had:Managing Fraud: People, Process and Technology as its theme. He said the assumption that cybercrimes could be eradicated was like living in a fool’s paradise because the gains of cybercrimes now far outweighed that of illicit narcotics. Read more

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