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Cybercrime and Data Breaches Wreak Global Economic Damage
Experts have warned that data breaches and cybercrime are inflicting severe damage on the global economy, with estimated annual losses now reaching $10.5 trillion worldwide.
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The warning was issued at the 2026 World Data Privacy Day Celebration and Summit, held on Wednesday in Lagos, under the theme “Privacy in the Age of Emerging Technologies: Trust, Ethics and Innovation.”
Cybercrime Now Rivals World’s Largest Economies
Delivering the keynote address, Managing Director of New Horizons, Mr Tim Akano, described the scale of cybercrime as unprecedented.
“If cybercrime were a country, it would be the third-largest economy in the world, after the United States and China,” Akano said.
He stressed that protecting data has become critical to humanity’s survival, noting that the global economy has fully transitioned into a data-driven system where power increasingly lies with organisations that control large volumes of information.
Data as Power—and a Growing Risk
Akano observed that the world’s most valuable companies today are data-centric, with access to user information largely determining their market dominance and influence.
“Every click leaves a digital footprint that can be tracked and exploited for advertising, profiling and other purposes,” he said, adding that the use of secure and privacy-focused web browsers can significantly reduce exposure.
However, he warned that the same data advantage poses serious risks if abused, especially in sensitive sectors such as healthcare, where misuse of personal information could have life-threatening consequences.
Call for Safer Online Behaviour and Training
Akano advised individuals to be cautious about where and how they share personal data, urging users to verify the credibility of digital platforms before submitting sensitive information.
He also encouraged organisations to prioritise continuous staff training on cybersecurity and data protection, stressing that human error remains one of the biggest vulnerabilities in digital systems.
Privacy No Longer Optional in the Digital Age
Earlier, in his opening remarks, President of the Data and Knowledge Information Privacy Protection Initiative (DKIPPI), Mr Tokunbo Smith, described privacy as non-negotiable in today’s digital environment.
“Data now shapes decisions, innovation and opportunity. Data without privacy is power without control,” Smith said.
He warned that with the rapid evolution of technologies—particularly artificial intelligence (AI)—the challenge has expanded beyond data collection to include influence over behaviour, decision-making and thought processes.
Privacy, Human Dignity and Trusted AI
According to Smith, constant surveillance discourages free thinking and bold innovation, making privacy essential 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.
He advocated for privacy-by-design principles, noting that embedding privacy into technology development would make digital solutions more trustworthy, sustainable and people-centred.
Nigeria’s Data Protection Progress and Remaining Gaps
Smith commended Nigeria’s progress in strengthening its data protection framework through the Nigeria Data Protection Act 2023 and the General Application and Implementation Directive (GAID) 2025.
However, he stressed that legislation alone is insufficient.
“Compliance must go beyond documentation. Privacy must become a culture in boardrooms, government offices, start-ups, classrooms and everyday digital interactions,” he said.
Stakeholders Urged to Build a Privacy Culture
Smith called on:
- Government to strengthen enforcement
- Organisations to embed ethics into digital systems
- Professionals to treat privacy as a core responsibility
- Innovators to respect human agency
- Citizens to demand accountability
“No privacy means no free thinking and no trusted innovation,” he warned.
Privacy Key to Nigeria’s Digital Economy Growth
The experts concluded that strong privacy safeguards, ethical technology practices and continuous training are essential to building trust and sustaining innovation in Nigeria’s rapidly expanding digital economy.
