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0.5% Cybersecurity Levy: MY TAKE – Destiny Young

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Destiny Young
Destiny Younghttp://linktr.ee/youngdestinya
Destiny Young is a highly credentialed information technology professional with over 13 years of industry experience. An HND/BSc (Hons) Computer Science graduate. He holds a Master of Technology degree in Information Technology from the prestigious University of South Africa (UNISA). He is a Distinction-grade MBA alumnus of Nexford University, Washington, DC, where he also obtained a First-class MSc degree in Digital Transformation. He is currently pursuing MSc in Cybersecurity. His professional development direction is in Cybersecurity, Digital Transformation, and Business Intelligence. He is a member of the British Computer Society (BCS), the Chartered Institute of Administration of Nigeria (CIA), the Nigeria Computer Society (NCS), etc.

As far as I am concerned, the Federal Government of Nigeria has done little or nothing for the safety of Bank customers in Nigeria, the 0.5% Cybersecurity Levy is a misplaced priority.

Just recently, Shan George, a former Nollywood star, cried on the internet, begging security agencies to help recover her N3+ million Naira defrauded her through Zenith Bank. There are millions of other Nigerians, who are being defrauded daily by hackers and all efforts to get their money proved abortive because even the Nigerian banks are helpless.

The simple truth is that Nigeria’s cybersecurity space, specifically financial security, remains completely unattended. Government has not made any significant effort to contain cybercrime in the financial sector. Banks and fintech companies are complicit in this.

I cannot imagine someone being defrauded, and her bank account being emptied and transferred to a certain account within the Nigerian financial system, and days later, the owner of the account to which the fund was transferred cannot be tracked.

Government would have first invested in policies and technologies to provide cybersecurity insurance (coverage) for Nigerians before imposing the Cybersecurity Levy.

The 0.5% cybersecurity levy for all electronic transactions, when considering the volume of annual electronic transactions in Nigeria vis a vis the CBN record, would mean that the Office of National Security Adviser, to which the fund would be domiciled, would raise an estimated inflow of over Six (6) trillion Naira by the end of the year.

While I am not totally against the government imposing levies to enable it to provide citizens with social services and infrastructure, it bothers me as a cybersecurity advocate if the fund will be put into providing cybersecurity measures and strategies to help mitigate the increasing cybersecurity threat landscape in Nigeria.

Destiny Young,
Cybersecurity Advocate and Tech Leader

Destiny Young
Destiny Young is a highly credentialed information technology professional with over 13 years of industry experience. An HND/BSc (Hons) Computer Science graduate. He holds a Master of Technology degree in Information Technology from the prestigious University of South Africa (UNISA). He is a Distinction-grade MBA alumnus of Nexford University, Washington, DC, where he also obtained a First-class MSc degree in Digital Transformation. He is currently pursuing MSc in Cybersecurity. His professional development direction is in Cybersecurity, Digital Transformation, and Business Intelligence. He is a member of the British Computer Society (BCS), the Chartered Institute of Administration of Nigeria (CIA), the Nigeria Computer Society (NCS), etc.
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