Cybersecurity in Banking: A Global Perspective With a Focus on Nigerian Practices

Abstract

The paper review cybersecurity practices in banking, with a specific focus on Nigerian banks. Cybersecurity has become a paramount concern in the banking industry worldwide, given the escalating frequency and sophistication of cyber threats. This study provides an overview of the global landscape of cybersecurity in banking, with a specific focus on practices observed in Nigeria. The global banking sector is witnessing a surge in digital transformation, marked by the adoption of advanced technologies and online financial services. However, this digitization brings with it unprecedented cybersecurity challenges, ranging from data breaches and ransomware attacks to sophisticated financial fraud. Financial institutions globally are compelled to fortify their cybersecurity frameworks to protect sensitive customer information, ensure the integrity of financial transactions, and maintain trust in the digital financial ecosystem. Nigeria, as a key player in the African banking landscape, faces unique cybersecurity challenges and has developed distinct strategies to safeguard its financial institutions. This study explores the cybersecurity practices employed by Nigerian banks, considering regulatory frameworks, incident response mechanisms, and collaborative efforts with international cybersecurity entities. The analysis encompasses case studies illustrating real-world cyber threats and incidents in both global and Nigerian banking contexts. It investigates the effectiveness of cybersecurity measures implemented by Nigerian banks, shedding light on the nation's response to evolving cyber risks. Furthermore, the study delves into collaborative initiatives between Nigerian banks, regulatory bodies, and international cybersecurity organizations to enhance information sharing, threat intelligence, and collective defense mechanisms. It also explores the role of public awareness campaigns in fostering a cyber-resilient banking environment. The insights provided aim to contribute to the collective understanding of cybersecurity challenges in the global banking sector while offering a nuanced perspective on Nigerian practices. As digital financial ecosystems continue to evolve, the findings underscore the importance of ongoing adaptation, collaboration, and innovation in safeguarding the integrity and trustworthiness of banking systems, both on a global scale and within the Nigerian context.
 Keywords: Cybersecurity, Banking, Global Perspective, Nigerian, Cybersecurity, Artificial Intelligence.