ETHICAL HACKING AND CYBER SECURITY IN NIGERIAN TELECOMMUNICATION INDUSTRY: ISSUES AND SOLUTIONS
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- 1-5 Chapters
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- Simple Percentage
- Abstract : Available
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- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
EXCERPT FROM THE STUDY
According to Reuter’s media briefs from Cameroon [16], British prime minister, cyber-crime costs the British economy some 27 billion pounds a year. On the other hand, the Economic and Financial Crimes Commission Report ranks Nigeria as third among the top ten sources of cyber-crime in the world. It is estimated that after the United States with 65 per cent of cyber-criminal activities and the United Kingdom with 9.9 per cent, Nigeria is the next hub of cyber criminals in the world with 8 per cent. The growth of online telecommunication further presents enhanced opportunities for perpetrators of cyber-crime. Funds can be embezzled using wire transfer or account takeover. Criminals may submit fraudulent online applications for bank loans; disrupt e-commerce by engaging in denial of service attacks, and by compromising online phone callingsystems. Identity takeover can also affect online banking, as new accounts can be taken over by identity thieves, thus raising concerns regarding the safety and soundness of financial institutions. Therefore unless crime detection and prevention are confronted collectively, Nigeria like any other country will remain warm breeding grounds for cartels of such criminal activity. A global effort to combat this crime is of essence. Financial fraud is one of America’s largest growth industries, creating annual losses of $189 billion. The cost of application fraud alone, they argued, is more than $35 billion a year. This is by far more damaging than delinquent or bankrupt accounts, fraud losses which are generally three times higher than normal chargeoff rates. This situation poses a real and constant threat to profitability and may raise the price of goods and services for consumers.
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