Global Cybercrime, Data Breaches Bill Hits $10.5 Trillion
Experts warn that data breaches and cybercrime are causing havoc worldwide, with estimated annual costs reaching a staggering 10.5 trillion dollars.
They spoke at the 2026 World Data Privacy Day Celebration and Summit held on Wednesday in Lagos, with the theme ‘Privacy in the Age of Emerging Technologies: Trust, Ethics and Innovation’.
The Managing Director, New Horizons, Mr Tim Akano, stated in his keynote that cybercrime’s scale is massive – if it were a country, it would be the world’s third-largest economy, behind the U.S. and China.
Akano stressed that protecting data is crucial for humanity’s survival. He said the global economy had transitioned into a data-driven system where organisations with access to large volumes of data wield significant power.
He pointed out that the world’s top companies are data-driven, with access to user information largely dictating their market value and influence.
‘’Every click leaves a footprint that can be monitored and exploited for advertising, profiling and other purposes.
‘’Using secure browsers can significantly reduce exposure,” he said.
He, however, warned that the same data advantage posed serious risks if abused, particularly in sensitive sectors such as health, where misuse of personal information could endanger lives.
Akano advised individuals to be cautious about where and how they share personal information, urging them to verify the credibility of digital platforms before submitting their data.
He also encouraged safer online practices, including the use of privacy-focused web browsers that limit tracking of users’ digital footprints.
Akano further emphasised the importance of regular training, calling on organisations to continuously educate employees on data protection and cybersecurity practices.
Earlier in his opening address, the President of the Data and Knowledge Information Privacy Protection Initiative (DKIPPI), Mr Tokunbo Smith, described privacy as no longer optional but essential in the digital age.
Smith said data now shaped decisions, innovation and opportunity, warning that data without privacy amounted to power without control.
He said that as technologies evolve, especially artificial intelligence, the issue is no longer just data collection but influence, behaviour and how people think and act.
According to him, constant surveillance discourages free thinking and bold innovation, making privacy fundamental to human dignity, autonomy and freedom of thought.
‘’Artificial intelligence systems built without privacy safeguards risk being powerful but untrusted and ethically weak’’.
He said embedding privacy by design would make technology more trustworthy, sustainable and people-centred.
The DKIPPI president commended Nigeria’s efforts in strengthening data protection through the Nigeria Data Protection Act 2023 and the General Application and Implementation Directive (GAID) 2025.
However, he stressed that laws alone were insufficient, adding that privacy protection required commitment from individuals, institutions and leadership.
“Compliance must go beyond documents. Privacy must become a culture in boardrooms, government offices, start-ups, classrooms and everyday digital interactions,” he said.
Smith called on the government to strengthen enforcement, organisations to embed ethics into systems, professionals to treat privacy as a core duty, innovators to respect human agency and citizens to demand accountability.
“No privacy means no free thinking and no trusted innovation,” he said.
The expert stressed the need for strong privacy safeguards, ethical practices and continuous training to build trust and sustain innovation in Nigeria’s fast-growing digital economy. Bitcoin Sinks Below $84k as Crypto Selloffs Heat Up
