An Investigation into the Nature, Causes and Effects of Cyber Crime on World Economy: Implication for Computer Education

The study investigated the nature, causes, and effects of cybercrime on the world economy: Implication for computer Education. Descriptive Survey designs were adopted and carried out at Nwafor Orizu College of Education Nsugbe. Three hundred and thirty-five (335) students formed the population of the study that was randomly selected from population of six hundred (600) students in the institution. The questionnaire that elicited data on the study was developed by the researcher, duly validated. The reliability of the instrument was tested using Pearson Products movement correlation co-efficient of 0.77 after the pilot study. In the analysis of data, mean and standard deviation were used. The data analysis revealed that hacking, cyber theft, spamming, economics and financial fraud, phishing are the nature of cyber crime committed on the network. This may cause by unemployment, poverty rate, corruption, proliferation of Cybercafés, etc. It was found that effects of cyber crime have given room for many side-effects in the society and entire world economy such as, high costs of security, cost of sales or lower productivity, financial fraud, increasing costs to design resources and technology to combat cyber crime, property loss etc. It was recommended among others that government should make provisions for intensive training of forensic and law enforcement agencies on ICT, so that they can track down the cyber criminals no matter how intelligent and cunning they may be.