Current Volume 9
Cybersecurity Threats in Nigerian Banks: Implications for Human Security and Strategic Responses in the 21st Century
Abstract
Nigeria’s banking sector has undergone rapid digitalisation, driven by the Central Bank of Nigeria’s cashless economy policies and pandemic-accelerated adoption, significantly expanding the attack surface available to cybercriminals. Despite a growing cybersecurity literature, the intersection of cyber threats with human security within the Nigerian context remains critically underexplored. This study examines cybersecurity threats facing Tier-1 commercial banks in Lagos State, analyses their human security implications, and evaluates strategic mitigation responses. Employing a cross-sectional survey design, 460 respondents comprising 230 bank staff and 230 customers were sampled from First Bank of Nigeria, United Bank for Africa, Guaranty Trust Bank, Access Bank, and Zenith Bank. Data were analysed using descriptive statistics, Pearson correlation, regression analysis, and ANOVA, within a dual theoretical framework integrating Risk Management Theory and Systems Theory. Findings confirm a severe threat environment, with mobile banking expansion identified as the primary vulnerability catalyst (M=3.62), alongside phishing, ransomware, DDoS attacks, and high insider threat perception (M=3.59). Cyberattacks were found to erode customer confidence (M=3.60), disrupt financial services for vulnerable populations (M=3.59), and impose significant psychological pressure on employees (M=4.02), empirically validating cybersecurity as a human security issue. While banks demonstrate strong multi-factor authentication adoption (M=4.05), a critical Effectiveness Paradox emerges: customers feel secure (M=4.09), yet attack frequency remains largely unreduced (M=2.97). An Expertise Paradox further revealed that IT and risk professionals hold significantly lower confidence in security measures than operational staff. The study repositions cybersecurity as a macro-prudential and social equity imperative, recommending Zero Trust architecture, AI-driven threat analytics, mandated inter-institutional intelligence sharing, and national digital literacy campaigns.
Keywords
Cybersecurity, Nigerian Banking Sector, Human Security, Strategic Responses, Digital Financial Inclusion, Cyber Resilience, Emerging Economies
Citations
IRE Journals:
Taelolu, Omotunde Oluwasesan, Prof. Isiaka Alani Badmus, Dr. Ogundele A. T. "Cybersecurity Threats in Nigerian Banks: Implications for Human Security and Strategic Responses in the 21st Century" Iconic Research And Engineering Journals Volume 9 Issue 10 2026 Page 3474-3484 https://doi.org/10.64388/IREV9I10-1716597
IEEE:
Taelolu, Omotunde Oluwasesan, Prof. Isiaka Alani Badmus, Dr. Ogundele A. T.
"Cybersecurity Threats in Nigerian Banks: Implications for Human Security and Strategic Responses in the 21st Century" Iconic Research And Engineering Journals, 9(10) https://doi.org/10.64388/IREV9I10-1716597
About IRE Journals
IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
Important Links
For Authors
Volume 8:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 7:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 6:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 5:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 4:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 3:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12