The total cost to pay by victims against these attacks is in millions of millions Dollar per year which is a significant amount to change the state of un-developed or under-developed countries to developed countries. Besides the financial consequences, the victim can experience feelings of shame and guilt, as well as grief over the loss of what they had taken to be a gen… The economy of most nations in the But cybercrime isn't just a major issue for big businesses and national governments. The chapter explores the dynamics of the emerging problem of cybercrime in Nigeria. There is no specific offence of cyber-crimes like online bullying under Commonwealth legislation, but it is an offence to use a carriage service (telecommunications network) to menace, harass or cause offence under s474.17 of the Criminal Code Act 1995. In the literature there are various research studies on investigating the effects of cybercrime on the banking sector. Consequences. In this article, we take a look at the major causes and effects of cyber crimes in Nigeria as well as ways of combating the menace. Cyber-crime is a serious criminal offence under the Computer Misuse Act. Every day, crimes are committed against leading companies which were thought to have top security protocols in place. Cybercrime, also called computer crime, the use of a computer as an instrument to further illegal ends, such as committing fraud, trafficking in child pornography and intellectual property, stealing identities, or violating privacy.Cybercrime, especially through the Internet, has grown in importance as the computer has become central to commerce, entertainment, and government. They could give a reader just a basic idea of the overall damage caused by illegal activities. The National Crime Agency and police take cyber-crime extremely seriously and will make every effort to arrest and prosecute offenders. Effect of Cyber Security threats A cyber threats can cause major damage to your business and your personal life. The chief aim of all cyber crime is economic; that is, most crimes are committed with the goal of securing greater wealth. Cyberterrorism is known for the merging of cyberspace and terrorism. Young people getting involved with cyber-crime could face: • A visit and warning from police or NCA officers Companies have to rethink how they collect and store information to ensure … Victims of cybercrime are suffering emotional trauma which can lead to depression, an expert warned . This loss may be caused by an outside person who … Perhaps it is due to its complexity and multi-layered character that cybercrime has become a … Liability for the breach can pose a financial hardship. Cyber-crime can impact businesses in more than just financial ways. This is where people illegally hack into computers and networks to simply steal people’s information, such as; their identity (Weimann, 2004, p.1). cyber defense, information gathering, environment preparation, cyber attack) principles, capabilities, limitations, and effects. Cyber sex, unsolicited commercial communications, cyber defamation and cyber threats are included under content-related offenses. Cybercrime impacts nearly every location on the globe. Cybercrime continues to cause serious financial impact to economies -- to the tune of close to $600 billion. Cybercrime has become the new normal and is greatly affecting the financial industry. As a business owner, it is your responsibility to … With cyber-attacks able to cause such damage to networks and shut down services, the effects could be extremely damaging. It specifically examines the nature, causes and consequences of cybercrime in Nigeria. 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