In 2022, Nigeria experienced significant financial losses due to cybercrime, amounting to over $500 million, as reported by the Economic and Financial Crimes Commission (EFCC). The EFCC's boss indicated that this figure reflects a broader global trend, with potential losses from cybercrime projected to reach $10.5 trillion by 2025. In Nigeria, cybercrime suspects accounted for a substantial portion of the 3,455 convictions recorded during the EFCC head's tenure. Meanwhile, the Indian entertainment industry faced severe challenges in 2023, losing approximately ₹22,400 crore due to piracy, according to a report by EY-IAMAI. The Indian Cyber Crime Coordination Centre (I4C) anticipates that Indians could lose over ₹1.2 lakh crore in the coming year as a result of cyber frauds.