The evolution of the internet and rise in cybercrime has raised serious questions about individual and national security in our society. This paper investigated the recent surge in cybercrime, the challenges of cybercrime in Nigeria, the challenges inherent in curbing this menace and the security implication on national security of the country. Descriptive and qualitative method of research was employed in the study while secondary sources were adopted in the course of the research. The study found that cybercrime in Nigeria entails cyber terrorism and it has led to cybercriminals using the platform to scamming and hacking the unsuspecting individuals both home and abroad. Also Boko Haram as a terrorist organization have been using the internet to raise funds, spread propaganda and recruit new members into it’s terrorist sect. Conclusively, this study has affirmed that the actions of cybercriminals cannot stop the dominance and utilisation of the internet in modern society despite threats to individual and national security. Hence the paper recommend strong establishment and execution of cybercrime laws, provision of the adequate facilities for agencies responsible for curbing cybercrime and orientation of the Nigerian populace on the effects of cybercrime on national security.