Experts in the nation’s financial technology industry have cautioned companies and banks customers to be careful in managing sensitive information to avoid cyber crime attack.
Experts who spoke at webinar organised by the First Bank of Nigeria Limited highlighted the effects of the war between Ukraine and Russia on the Cyberspace insisting that cyber terrorism is real.
They also warned bank customers not to give their ATM to anybody for transactions as the pin would be compromised on the process.
Chief Information Security Officer, First Bank of Nigeria, Mr Harrison Nnaji said while advancement in technology will have positive application for the protection of individuals in armed conflict, new means and methods of warfare and the way they are employed can also pose new threat to individuals.
Nnaji who spoke on “Russia – Ukraine Conflict: It’s impact in the Cyber Space, how it affect you” said currently the war between Russia and Ukraine remained intense and cyber space has continued to be a secondary battlefield.
He said during cyber warfare cyber criminals target person’s as persistently as they go after large business and organisations, leaving millions of potential targets vulnerable to cyber attacks.
Highlighting some of the effects of cyber warfare on countries and global economy, he said during wars and conflicts, there are usually heightened tension and increased risks of cyber attack.
He said Cyber Security Ventures expected the cost of global cyber crime to grow by 15 per cent per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015.
This according to him represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, it is exponentially larger than the damage inflicted from natural disasters in a year and will be more profitable than global trade of all major illegal drugs combined.