Potential Risks And Benefits Of The Proposed Cybersecurity Levy

Explore the potential impacts of the proposed cybersecurity levy, including its benefits for enhanced security measures and the associated risks for businesses and consumers.

Nigeria has seen a significant rise in cyberattacks in recent years, targeting individuals, businesses, and government institutions. These attacks take several forms such as financial fraud, phishing scams, malware infections, ransomware attacks, and data breaches amongst others. According to Forbes News on April 29, 2024, the cost of cybercrime in Nigeria is staggering, with estimates exceeding $500 million annually. These attacks do not only impact businesses directly but also erodes trust in the digital economy and hinders national development. In response, the government has introduced the National Cybersecurity Levy (NCL) – a fee on electronic transactions to bolster national cybersecurity efforts.