CBN Cybersecurity Levy: A Swift Defense Against Unforeseen Cyber Threats

A cybersecurity governance expert, Segun Olugbile, has commended the government for taking bold and timely action in prioritising cybersecurity funding.

Mr. Olugbile, who is also President of the Global Network for Cybersolution (GNC) and member of the National Cybercrime Advisory Council, emphasised the critical need for sustainable national funding for cybersecurity and counterterrorism in Nigeria amidst growing escalations of domestic cybercrimes, international cyber espionage, and advanced persistent threats against the national digital infrastructures.

He declared that unexpected cyber attacks will happen someday as cyber-criminal syndicates and unfriendly state actors continue to unleash their advanced persistent threat against the nation with huge resources at their disposal.

Olugbile highlighted the pivotal role cybersecurity plays in national security, stressing that the country’s robust national cybersecurity strategy remains largely unimplemented due to inadequate funding and a lack of understanding regarding the vital interdependency of national digital infrastructures.

Olugbile asserted that Nigeria must prepare against the reality of cyber attacks, and take ownership of its cybersecurity and counter-terrorism initiatives without relying on foreign aid.

He commended the efforts of the National Security Adviser (NSA), National Assembly, and other stakeholders in addressing the issue while revealing the passive existence of a provision on cybersecurity levy in the principal Act since 2015.

However, he cited many undefined clauses, phrases and words, including “0.005’’ which were the initial ambiguities that are not well defined in the principal Act thus hindering its effective implementation.