Cybercrime, a concept which to date has defied a globally accepted definition, appears to be the latest scourge plaguing man and same has occupied the cynosure. The word “cybercrime” is on the lips of almost everyone involved in the use of the computer and Internet, be it individual, corporate, organization, national, multinational or international. The attention accorded cybercrimes is not far-fetched; on one hand, it is partly rooted in its unavoidable nature as a result of the fact that telecommunications via the cyberspace, is the veritable means by which social interaction, global trade and commerce are transacted; and on the other, the economic losses to which all citizens are exposed whether now or in the nearest future. Aside economic losses, other consequences of cybercrimes includes but not limited to setback to the brand image and company reputation otherwise known as goodwill, loss of intellectual property and sensitive data, opportunity costs which includes but not limited to service and employment disruptions, penalties and compensatory payments to affected clienteles, contractual compensation for delays, cost of countermeasures and insurance, cost of mitigation strategies and recovery from cyber-attacks, the loss of trade and competitiveness, distortion of trade and job loss. This paper argues that it is not as if relevant laws and regulations are not in place because some advanced nations in the world have in one form or another, laws against cybercrimes, yet, the challenge of cybercrimes remains intractable and bewildering. As nations across the globe strives to curb cybercrimes through the instrumentality of the law, so are the cyber criminals devising new and sophisticated techniques to further their trade, thereby rendering impotent, the extant legal measures. This Article intends to bring to the fore, a comprehensive account of why cybercrimes remains an albatross in order showcase the enormity of the challenge faced by humanity, in the hope that, when the extent of the problem is known, may be, a global solution would timeously be fashioned out, to stem the tide of cybercrimes.
Key words: Cybercrimes, cyber criminals, challenges, enforcement, economic losses.
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