Cybersecurity Dynamics in Nigerian Banking: Trends and Strategies Review

Abstract

This paper provides an in-depth review of the cybersecurity dynamics within the Nigerian banking sector, emphasizing recent trends and strategic approaches to address emerging challenges. As a review paper, it synthesizes existing literature, reports, and case studies to offer a comprehensive understanding of the current cybersecurity landscape in Nigerian banks. The focus is on identifying the predominant cyber threats, analyzing the sector's response strategies, and evaluating the effectiveness of these measures in the context of Nigeria's unique socio-economic and regulatory environment. Our analysis reveals a notable escalation in cyber threats, particularly phishing, ransomware, and insider attacks, which have been intensified by the rapid digital transformation in banking services. The review identifies key factors contributing to these challenges, such as the increasing sophistication of cybercriminals, the digital literacy gap among customers, and the evolving nature of cyber threats. It also examines the strategic responses of Nigerian banks, including the adoption of advanced security technologies, enhanced staff training, and collaboration with government and international cybersecurity bodies.The paper concludes that Nigerian banks have made significant strides in fortifying their cybersecurity defenses. However, it also highlights the need for more robust regulatory frameworks, increased customer awareness initiatives, and a shift towards more integrated and proactive cybersecurity strategies. The findings of this review underscore the critical need for continuous evolution and investment in cybersecurity measures to effectively counter the dynamic and complex nature of cyber threats in the Nigerian banking sector.
 Keywords: Cybersecurity, Cybersecurity Dynamics, Nigerian Banking Sector, Digital Transformation, Cyber Threats, Phishing Attacks, Ransomware, Insider Threats, Regulatory Framework, Central Bank of Nigeria (CBN), Compliance Challenges, Security Technologies, Cybersecurity Awareness, Artificial Intelligence (AI), Machine Learning (ML), Blockchain Technology.