The Senate of the Federal Republic of Nigeria is worried that the rapid evolution of cyber security threats, such as cyberbullying, cyberstalking, sextortion, data compromises, social media misuse, internet fraud and launching of attacks on governments, businesses, educational establishments and defence infrastructure, etc is dampening the success story of digital technology. In a recent disclosure, the Chairman of the Economic and Financial Crimes Commission stated that Nigeria loses a minimum of five hundred million US Dollars, equivalent to eight hundred and fifty billion Naira (N850,000,000,000) annually.