THE Central Bank of Nigeria (CBN) and the National Information and Technology Development Agency (NITDA), among others, have urged the National Assembly to revisit the anti-cyber crime bill before it with a view to passing it into law to check the menace said to have negative effects on the nation’s economy.

It was gathered that the cyber security bill was stepped down by both arms of the National Assembly, claiming that it will be competing with an existing law at the Assembly and a bill from the Economic and Financial Crimes Commission (EFCC) also awaiting passage into law.

According to the CBN Governor, Sanusi Lamido Sanusi, modern economies depend largely on Information and Communication Technology (ICT) infrastructure, which is susceptible to a lot of vulnerabilities, which can be exploited either negatively or positively. He said the passage of the bill into law and proper legislation would help clip the wing of these notorious trends, adding that cyber security products are imported into the country with negative implications on national security.

Sanusi, while giving a keynote address at a forum with the theme: “Promoting Economic Development through Effective Cyber Security” in Lagos at the weekend, added that Nigeria would be subject to various vulnerabilities, especially, cyber crimes, as the nation deploys more ICT infrastructure to support her development. He stressed that the increasing complexity of business, increasing volumes of transaction, changes in financial services, globalization and the attendant risks, need to reduce the increasing cost of doing business, among others, must embrace legislation to ensure their functionality.