Cyber Security Bill Potentially Opens the Door for More Foreign Direct Investment
Kegler Brown Global Business News July 29, 2014
The 2013 Cyber Security Bill provides three major platforms for the Nigerian government: (1) provide and effective and unified legal, regulatory and institutional framework for cybercrimes; (2) provide security for the Nigerian Information Infrastructure; (3) promote cyber security for computer networks across the country.
This piece of legislation is much needed as more and more businesses and government agencies move their operations into cyberspace. Globally, cybercrime costs $114 billion annually, and the more countries work together to prevent such attacks the better. Nigerians are already experiencing some cybercrimes with a fever of clones of official websites of government agencies and local businesses.
The Federal Executive Council in August 2013 approved the content of the Cybercrime Bill and passed it to the National Assembly for enactment into law. The Bill has gone through its second reading and is likely to be passed into law in this year.
It is well known that Nigerians are perceived as a nation of scammers – this bill will send a clear message to cybercriminals and the world that Nigeria is serious about cybercrimes. More importantly, from an economic standpoint, this bill will provide the foundation for increased foreign investment.