Digital Economy and Cybersecurity in Nigeria: Policy Implications For Development

Digital Economy and Cybersecurity in Nigeria: Policy Implications For Development

Henry Chima Ukwuoma, Ifeanyi Solomon Williams, Ibrahim Dinju Choji
Copyright: © 2022 |Pages: 11
DOI: 10.4018/IJIDE.292489
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Abstract

The COVID-19 pandemic has resulted in the urgent need for the Nigerian Government to embrace digital economy at all cost. Countries with digitised economy have been able to easily adopt to the challenges that the pandemic has brought, such as eLearning for the education sector and e-business for the business sector. Although, this innovation comes along with a lot of cyber-attacks by cybercriminals resulting for the need to establish adequate cybersecurity measures. Nigeria has gravely felt the impact of the COVID-19, businesses have been shut, countries have shut their borders, thus making it impossible for Nigerian Government/Businesses to access other country's products most especially China. The paper reviews the digital economy of some developed nations and their cybersecurity measures to sustain this innovation. The study further highlights how digital economy has contributed to the Gross Domestic product of most Nations, thus serving a means of diversification for most nations.
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1. Introduction

The invention of the World Wide Web in 1989, led to the innovation of the first-ever website on the internet in 1991. This development led to the establishment of over 1.5 billion websites with Governments, private organisations, individuals and businesses exploring the potentials of the cyberspace (Internet Live Stats, 2020). The existence of websites has constituted a major requirement for most institutions in the global environment, hence making the world a global village. This invention has generated other innovations that are being driven by the internet/cyberspace. Government, Private and public enterprises now carry businesses in the cyberspace for the sake of ease, convenience and accountability. This has led to criminals on the internet who are referred to as cybercriminals deploying all sophisticated means to defraud vulnerable persons, business and governments. Interestingly, there are 3.8 billion Internet users, which accounts for fifty-one (51) percent of the world’s total population of 7 billion (ITU, 2020).

The dependency by Institutions/Governments and Businesses on the cyberspace implies that there is urgent need for an enhanced cyber security to guarantee a governed cyberspace.

COVID 19 has necessitated the transactions of most businesses, communications, interactions, to occur in the cyber space, thus constituting the dependence and survival of governance, businesses and communication on the cyber space. Additionally, most persons rely on visual means of communication, Meetings, Conferences with Apps such as Zoom, Skype, etc, but the question remains who monitors/regulates these applications and how secured are they. The dependence of office work and communication via the cyberspace because of the Coronavirus has resulted to an increase in cybercrime and has provided an environment where scammers and hackers thrive. Common cybercrimes during this pandemic include: phishing and ransomware while social engineering is also on the rise (FBI, 2020). Social Engineering is described as the art of manipulating people to give up their confidential information. This art is on the rise amid the coronavirus pandemic.

Most digitalised economies have been targets of these cyberattacks. Countries such as the USA, Singapore, China, Germany, United Kingdom, Russia, has recorded most cyberattacks even before the COVID-19 pandemic, now records much more cyberattacks on daily basis. The countries that have embraced digitalisation, have excelled in areas such as the digital innovation, digital industry, digital facilities and digital governance.

Severally, the governments of USA and UK have been victims of data hijacking because of its digital economy, and the USA has come out to state that its coronavirus data is on the threat of being hijacked by cybercriminals from other nations (Chohan, 2020). For developed countries whose economy is digitalised, a hijack or manipulation of COVID 19 data will imply slowing down the response to the crisis. For example, robots and drones are being used by the US, China, South Korea and other countries, if hijacked could affect the management of the pandemic crisis situation. Such attacks pose danger to the health and safety of patients during a COVID 19 pandemic that is over stretching most country’s health care systems. This has necessitated an increased cybersecurity in mostly the health and financial sector of the digitalised economies of most nations.

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