Cyber terrorism and Nigeria's economy

“As we sit here, there are people trying to slam into our system everyday, so we have to be ever vigilant against an ever-changing foe.” This is the view of NASDAQ CEO, Robert Greifeld in July 2011 whose stock exchange spends nearly a billion dollars a year on information security as it comes under constant attack from hackers and cyber terrorists.
In this age of cyber terrorism, the financial system of any country is vulnerable to financial terrorism from within and outside. It is therefore, important to treat this as a vital component of national security. This means that banks and financial institutions must be exposed to both physical security and soft security orientations in their daily operations.
In an international system that is characterized by conflicts, suspicion, competition and acrimony, we are witnessing a situation where nation-states, non-state actors and criminals are devising ways to break into the computer system of industrial, defence and financial sectors to obtain vital data that could compromise the operations of these institutions.
The United States President, Barack Obama, took to tackle cyber terrorism by approaching the Congress to get a comprehensive cyber security legislation that would increase U.S. Government’s ability to respond to the growing threat.
In Britain, the foreign office is working on getting an international collaboration to combat cyber crimes, organising an international forum highlight on the vulnerability of nations to this scourge. The office has been a victim of sustained cyber attacks. The objective of that conference was to make nations collaborate and work together to combat international cyber crimes.

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