Distinguished Professor Emeritus Peter Akinsola Okebukola, Founder of the Association of Cybersecurity Practitioners (ACSP), has called for urgent and strategic investment in cybersecurity across Nigeria, warning that the economic impact of cybercrime has reached alarming levels.

He made this call during the ACSP Monthly Seminar where he delivered a presentation titled “The Economics of Cybersecurity: Costs of Breaches and Value of Protection.”

Speaking at the event, Professor Okebukola explained that cybersecurity breaches, defined as unauthorised access to systems, data or networks, have become a major economic threat globally. He noted that some sectors now spend an average of 3.7 million dollars responding to breaches, with the United States recording over 10 million dollars in losses per incident.

He highlighted Africa’s growing vulnerability, citing International Telecommunication Union estimates which show that the continent loses more than 3.5 billion dollars annually to cyberattacks. He added that recent studies suggest cybercrime may be responsible for more than 10 percent of Africa’s GDP losses.

In a press release signed by Abidemi Gbekeloluwa, the Publicity Secretary of the association, Professor Okebukola expressed deep concern about Nigeria’s rising exposure, noting that the country ranks among the top 20 most attacked globally and has experienced a dramatic surge in data breaches and fraud attempts. He referred to several major incidents in the financial and education sectors, including the Flutterwave breach involving 11 billion naira in unauthorised transfers and widespread attacks on national examination bodies.

He drew particular attention to Nigeria’s higher education institutions, which he described as “high-value but fragile targets,” due to the sensitive academic and administrative data they hold alongside aging digital infrastructure.

Emphasising the economic importance of preventive action, Professor Okebukola stated that for every one naira invested in cybersecurity, organisations can save up to twenty naira in potential breach costs. He stressed that cybersecurity should be viewed as long-term investment rather than an expense.

In his recommendations, he urged stronger international cooperation, improved regional capacity-building, and national reforms including the review of the Cybercrimes Act and unified cybersecurity standards across regulators. For higher education institutions, he advised comprehensive security audits, adoption of global standards such as ISO 27001, enhanced access controls, staff and student cybersecurity training and modernisation of information systems.

Professor Okebukola concluded by reaffirming that Nigeria must prioritise cybersecurity if it hopes to protect its institutions, economy and national development goals.

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