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Cybersecurity Threats in Nigerian Banks: Implications for Human Security and Strategic Responses in the 21st Century
Subject area: Arts, Social Sciences and Humanities · Area of research: Cybersecurity, Peace and Conflict
DOI: https://doi.org/10.64388/IREV9I10-1716597
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
How to cite this paper
@article{1716597,
author = {Taelolu, Omotunde Oluwasesan, Prof. Isiaka Alani Badmus, Dr. Ogundele A. T.},
title = {Cybersecurity Threats in Nigerian Banks: Implications for Human Security and Strategic Responses in the 21st Century},
journal = {Iconic Research And Engineering Journals},
year = {2026},
volume = {9},
number = {10},
pages = {3474-3484},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1716597.pdf},
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},
month = {April},
doi = {https://doi.org/10.64388/IREV9I10-1716597}
}