Analysis of cybercrimes, major cyber security attacks and the overall economic impact on Nigeria

Abstract

Cybercrime is a worldwide issue, and Nigeria is not resistant to its impacts. This paper explores the cybercrimes and major cyber-attacks that have targeted businesses and institutions inside Nigeria, looking at different shapes, economic and the financial effect they have on people, businesses, and the country at huge. With the tremendous growth in technological developments coupled with the increased adoption and acceptability of online internet services, there are also been an increase in cyber related attacks and crimes in parallel targeting personal identifiable data, exploitation of vulnerabilities in systems and theft of sensitive data consequently leading to financial loss, reputational damage and overall impact on businesses and institutions. The study utilizes a comprehensive review of existing writing, case studies, and measurable information to have a holistic understanding of the cybercrime landscape. It moreover examines the measures taken by the government and private sector to combat these violations and proposes recommendations for more successful procedures to mitigate and reduce their affect.