Nigeria is almost unique in the world due to its frequent association with cybercrime. While this problem is sometimes considered a bit of a meme in Europe and North America, describing a Nigerian prince who desperately wants to give away his fortune but can’t find anybody to trust him, the issue remains very real. Nigeria’s cybercriminals – yahoo boys – caused 80% of all the crimes handled by the Economic and Financial Crimes Commission in 2021.
Computer Crime
It’s not easy to find accurate figures that quantify the global cost of cybercrime, with Cybersecurity Ventures placing the number at US$3tn in 2015. In contrast, the US-based Center for Strategic and International Studies didn’t actually expect the cost of computer crime to cross the US$1tn mark until 2020. While this kind of disagreement isn’t helpful, there’s no denying the fact that cybercrime incidents are on the rise.
For the average person, the looming threat of phishing, fraud, and data theft can seem like an (unlikely) worst-case scenario, similar to the zombie apocalypse. Whether this is due to ignorance of the concept or a genuine belief in its rarity is debatable. Civilians do fall prey to internet criminals regularly, though, which begs the question, is it possible to defend against cybercrime?
The answer is unfortunately two-fold. As consumer data can be leaked by hacked corporations, the options for protection and retrieval in such a scenario can be limited. However, experts do recommend that people who are worried about cybercrime make something called a tech survival kit to limit the damage caused by data loss and the occasions when technology decides to stop working.
Preparedness
A graphic put together by ExpressVPN describes such a kit as an “important undertaking in preparedness”. The website recommends that this variant of a “go-bag” includes cables, chargers and power banks, tools, and a satellite phone, among other communication devices.
Far more important from the perspective of cybercrime is a list of USB devices and scanned documents.
These flash drives should contain copies of passports, birth certificates, and deeds to housing and land. Why? Identity can be a difficult thing to prove in the event that an official ID has been stolen. Insurance documents can make life easier following a data breach or natural disaster so these should also be photographed or scanned and kept safe on a USB drive.
As mentioned, taking personal steps to tackle cybercrime can only do so much. The onus is on IT managers and corporations to prevent losses as well, if only because the costs associated with cybercrime are huge. Computing giant IBM places the financial impact of a data breach at an average of US$4.35 million in 2022, an increase of 2.6% from 2021 and 12.7% from 2020. This figure is likely to increase year on year for as long as cybercrime remains profitable.
As for Nigeria, Uche Igwe of the Firoz Lalji Institute for Africa believes that only government intervention can lower the appeal of joining the yahoo boys.
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