Information security – the safeguarding of computer systems and the integrity confidentiality, and availability of data they contain – has long been recognized as a critical national policy issue. Its importance is growing as the integration of computers and ICT into more and more aspects of modern life continues. In addition, cyber attacks or breaches of information security, appear to be increasing in frequency and few are willing to ignore the possibility that the severity of future attacks could be much greater than what has been observed to date. More so that Nigeria as a country (and a developing country for that matter) continues to occupy an unenviable position in the world of cyber crimes.
This chapter is therefore concerned with the discussion of the negative impact of cyber crime on Nigerian economy.
First, the chapter discusses the reasons for the rise in cyber crimes in Nigeria. This is followed by the major perpetrators of cyber crime in Nigeria. The emerging cyber crime methods in Nigeria is further analyzed before a discussion on the economic and social impact of cyber crimes is discussed.
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