Recently, Tinubu’s government gave a nod to the implementation of cybersecurity levy of 0.5% on electronic transactions, which they said will be used to fight cybercrime.
Crime is crime, do Nigerians pay a certain levy to the police? Do Nigerians pay a certain levy to MTN, Glo, Airtel and 9mobile so they can protect their towers, fibre cables?
It is very worrisome that Nigerians will be forced to pay for the security of private companies. Maybe NERC should direct DISCOs to start charging protection levy on all customers so they can protect their transformers, wires, electric poles, etc.
Companies, public or private should take up the responsibility of protecting themselves with their own funds. It makes no sense to charge customers for this.
Let’s look at what is obtainable in developed countries.

Cyber insurance, also called cyber liability insurance or cybersecurity insurance, is a contract an entity can purchase to help reduce the financial risks associated with doing business online. In exchange for a monthly or quarterly fee, the insurance policy transfers some of the risks to the insurer.
Cybersecurity is not only for banks, any business that has a presence online is prone to cyberattacks.
In 2011, hackers breached Sony's PlayStation Network, exposing the personally identifiable information (PII) of 77 million PlayStation user accounts. The breach prevented users of PlayStation consoles from accessing the service, an outage that lasted for 23 days. Sony incurred more than $171 million in costs related to the breach. Portions of this cost could have been covered by a cyber insurance policy, but Sony didn't have one in place. A court case ruled that Sony's insurance policy covered damage to physical property only, leaving Sony to incur the full amount of costs related to cyber damages.

Investment in cybersecurity by businesses Businesses with presence online need to use their own funds to protect their company from cyberattacks. JPMorgan Chase shared that they spend about $600 million yearly to protect their business.

Finally, Tinubu’s government should abolish the cybersecurity act and discard it in the dustbin. The reason they gave that it will be used tackle cybercrimes and terrorism holds no water. It is obviously a poorly formulated way to impose more taxes on Nigerians.

Written by Jmoore

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