CYBERSECURITY IN NIGERIA BANKING SYSTEM: A COMPARATIVE STUDY OF

SECURITY MEASURES EMPLOYED BY NIGERIAN BANKS

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 CHAPTER ONE

INTRODUCTION

1.1 Background of the study

The banking sector in Nigeria has undergone remarkable growth and transformation in

recent years, propelled by technological advancements and the rising demand for digital banking

services. As customers increasingly turn to online platforms for their banking needs, the sector

has become more vulnerable to cyber threats. According to Musk (2021), cybercrime refers to

criminal activities carried out using computers, networks, or other digital technologies as tools,

targets, or both. These crimes can involve unauthorized access to computer systems, data theft,

identity theft, financial fraud, spreading malware or viruses, hacking, and other malicious

activities aimed at causing harm, disruption, or financial gain. Cybercrime poses a significant

risk to the security and integrity of the Nigerian banking system (Ogunlesi & Itegboje, 2018).

Nigeria's financial industry plays a vital role in the country's economy, with a diverse range of

banks offering services such as deposit-taking, lending, electronic transfers, and mobile banking.

The integration of banking services with mobile and online platforms has brought convenience

and accessibility to customers, but it has also exposed the sector to cybersecurity risks (Ogunlesi

& Itegboje, 2018).

The frequency and sophistication of cyber-attacks in the banking industry have raised

concerns about the security of customer data, financial transactions, and the overall stability of

the banking system. Cybercriminals exploit various vulnerabilities, including weaknesses in

network infrastructure, inadequate security protocols, human error, and social engineering

techniques. Successful cyber-attacks can result in financial losses, reputational damage, legal

implications, and erosion of customer trust (Ogunlesi & Itegboje, 2018). A notable cyber-attack

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in Nigeria's banking sector occurred in 2016 when hackers targeted the Society for Worldwide

Interbank Financial Telecommunication (SWIFT) payment system, resulting in the theft of

millions of dollars from Nigerian banks (The Guardian, 2016). This incident underscored the

urgent need for Nigerian banks to bolster their cybersecurity measures and protect their systems

and customer information from sophisticated cyber threats (Ogunlesi & Itegboje, 2018).

Empirical studies have shown that Nigerian banks face significant cybersecurity

challenges. Ogunlesi and Itegboje (2018) highlight that the banking sector in Nigeria has

experienced a surge in cyber-attacks, leading to financial losses, reputational damage, and

compromised customer trust. These attacks have necessitated the adoption of robust

cybersecurity measures to protect sensitive customer information and financial assets.

Furthermore, a study by Afolabi, Ilo, and Aransiola (2019) conducted interviews with key

stakeholders in the Nigerian banking sector, including cybersecurity experts, bank executives,

and regulatory officials. The study revealed that Nigerian banks face various cybersecurity

challenges, such as the lack of skilled cybersecurity personnel, inadequate investment in

cybersecurity infrastructure, and the rapidly evolving nature of cyber threats.

In response to the escalating cyber risks, regulatory bodies such as the Central Bank of

Nigeria (CBN) have implemented guidelines and regulations to enhance cybersecurity in the

banking sector. The CBN has directed banks to implement robust security measures, conduct

regular security audits, and establish incident response mechanisms. However, the effectiveness

and sufficiency of these measures in safeguarding the banking system against evolving cyber

threats remain subject to scrutiny (Ogunlesi & Itegboje, 2018). While individual banks have

implemented various security measures to protect their systems and customers, there is a dearth

of comprehensive research assessing and comparing the effectiveness of these measures across

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the Nigerian banking industry. Such a study is critical for identifying best practices,

understanding gaps and vulnerabilities, and developing strategies to enhance the overall

cybersecurity posture of Nigerian banks (Ogunlesi & Itegboje, 2018).

Therefore, this study aims to conduct a comparative analysis of the security measures

employed by Nigerian banks to address cyber threats. By examining the current state of

cybersecurity in the Nigerian banking system, this research seeks to identify the challenges faced

by banks in the threat landscape and evaluate the effectiveness of existing security measures. The

findings will contribute to the development of recommendations and guidelines to enhance the

security posture of Nigerian banks, protect customer data, and promote a secure banking

environment.

1.2 Statement of the problem

Cybersecurity breaches in the banking industry can have far-reaching implications,

impacting not only the affected banks but also the overall financial stability of the country.

Nigeria has not been immune to these threats, with several reported incidents of cyber-attacks on

banks, including the infamous 2016 attack on the Society for Worldwide Interbank Financial

Telecommunication (SWIFT) payment system, which resulted in the loss of millions of dollars

(The Guardian, 2016). These incidents highlight the urgent need for Nigerian banks to strengthen

cybersecurity infrastructure and protect sensitive customer information from unauthorized

access.

One of the primary issues faced by Nigerian banks is the escalating frequency and

sophistication of cyber-attacks. As cybercriminals develop new techniques and exploit emerging

vulnerabilities, banks must constantly adapt security measures to mitigate evolving threats. The

increasing interconnection of banking systems, driven by digitalization and the integration of

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online platforms, has expanded the attack surface for cybercriminals, making it more challenging

for banks to safeguard networks and customer data (Ogunlesi & Itegboje, 2018).

Banks and its regulatory bodies have put several measures in place to mitigate against

cyber-crime attacks. Effectiveness and efficiency of these measures remain crucial to understand

the specific types of cyber threats that defy these measures. Therefore this study is conducting a

comparative analysis of security measures employed by the banks in Nigeria.

1.3 Aim and objectives of the study

The aim of this study is to conduct a comparative analysis of the cyber security measures

employed by Nigerian banks to address cyber threats in the banking sector. The specific

objectives are to:

i. Identify the types and frequency of cyber threats faced by Nigerian banks.

ii. Identify the key security practices employed in the Nigerian banking industry.

iii. Identify the challenges faced by Nigerian banks in maintaining robust cybersecurity.

iv. Assess the level of collaboration and information sharing among Nigerian banks.

1.4 Research questions

i. What are the types and frequency of cyber threats faced by Nigerian banks?

ii. What are the key security practices employed in the Nigerian banking industry?

iii. What challenges do Nigerian banks face in maintaining robust cybersecurity?

iv. To what extent do Nigerian banks engage in collaboration and information sharing to

combat cyber threats?

1.5 Scope of the study

The scope of this study focuses on information technology security experts in banking

sector and managers within Nigerian banks. The study aims to gain a comprehensive

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understanding of the security measures implemented by Nigerian banks and their effectiveness in

mitigating cyber threats. Specifically, it centers on the individuals responsible for managing and

implementing cybersecurity measures within the banking sector. To achieve its objectives, the

study will involve the participation of IT security experts and managers from various Nigerian

banks. These participants will be selected based on their expertise and experience in the field of

cybersecurity. By including a diverse range of participants, the study aims to capture different

perspectives and insights regarding the security practices employed by Nigerian banks.

1.6 Significance of the study

The significance of this study lies in its potential impact on various stakeholders within

the Nigerian banking industry and the broader cybersecurity community. The findings of this

study have both academic and practical implications, contributing to knowledge enhancement

and offering actionable insights for improving cybersecurity practices in Nigerian banks. The

significance of the study can be understood through the following aspects:

Firstly, this study holds great importance in enhancing cybersecurity within Nigerian

banks. By gaining insights into the current state of cybersecurity measures employed by these

banks, the study can identify areas for improvement and help banks adopt more effective

strategies to strengthen their cybersecurity infrastructure. This, in turn, will enable banks to

better protect customer data, reduce the risk of cyber-attacks, and maintain the integrity of the

financial system.

Secondly, the findings of this study can inform policy and regulation in the Nigerian

banking sector. Policymakers and regulatory bodies can utilize the insights gained from this

study to develop and revise policies and regulations related to cybersecurity. By understanding

the specific challenges faced by banks and the effectiveness of security measures, policymakers

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can design more targeted and effective regulations to ensure the resilience of the banking system.

This can lead to the establishment of standardized cybersecurity frameworks and guidelines

tailored to the Nigerian banking industry, ultimately strengthening the overall security posture of

banks.

Lastly, the study's findings are significant in protecting customer trust and reputation. As

cyber threats continue to evolve, customers place great importance on the security of their

personal and financial information. By improving cybersecurity measures in Nigerian banks

based on the study's insights, banks can instill greater confidence in their customers. This, in

turn, can help protect the reputation of banks and the broader banking industry, leading to

increased customer trust and loyalty.

1.7 Definition of terms

Cybersecurity: Cybersecurity refers to the practice of protecting computer systems, networks,

and data from digital threats, such as cyber-attacks, unauthorized access, and data breaches. It

involves implementing measures, protocols, and technologies to ensure the confidentiality,

integrity, and availability of information.

Cyber Threats: Cyber threats are malicious activities or events that target computer systems,

networks, or data with the intent of causing harm, disruption, or unauthorized access. These

threats can include hacking, malware, phishing, ransomware, and other forms of cyber-attacks.

Security Measures: Security measures refer to the strategies, protocols, technologies, and

practices implemented to protect computer systems, networks, and data from unauthorized

access, misuse, and cyber threats. These measures can include firewalls, encryption, access

controls, intrusion detection systems, and employee training programs.

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Hacking: Hacking refers to unauthorized access to computer systems or networks with the intent

to gain unauthorized control, steal sensitive information, or disrupt normal operations. Hackers

exploit vulnerabilities in systems to bypass security measures and gain unauthorized access.

Identity Theft: Identity theft is the fraudulent acquisition and use of another person's personal

information, such as their name, Social Security number, or financial details, without their

consent. Cybercriminals often engage in identity theft to commit financial fraud or gain

unauthorized access to sensitive accounts.

Phishing: Phishing is a form of cyber-attack where attackers attempt to deceive individuals into

revealing sensitive information, such as usernames, passwords, or credit card details, by posing

as a trustworthy entity through email, instant messaging, or other communication channels.

Malware: Malware, short for malicious software, is any software designed to infiltrate, damage,

or gain unauthorized access to computer systems or networks. This can include viruses, worms,

Trojans, ransomware, and spyware. Malware is often distributed through infected websites, email

attachments, or compromised software.

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 CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction

The literature review section of this study provides an in-depth examination of existing

scholarly research and publications related to cybersecurity in the Nigerian banking sector. It

serves as a critical foundation for understanding the current state of knowledge, identifying

research gaps, and establishing the theoretical framework for the comparative analysis of

security measures employed by Nigerian banks.

2.2 History of Cyber Security

Worms, viruses, Trojan horses, spyware, and malware were not even mentioned in the

common information technology (IT) vernacular seventy years ago. The development of viruses

was the catalyst for the creation of cyber security. But how did we end up here in the first place?

Jon Von Neumann's "The Theory of Self-Reproducing Automata" was published in 1949.

Cybercriminals employ this notion (Vida, 2019). to create self-replicating software, such as

viruses. In 1969, UCLA professor Leonard Kleinrock and student Charley Kline sent the first

electronic communication from the UCLA SDS Sigma 7 Host computer to Stanford Research

Institute programmer Bill Duvall. This is a well-known narrative and a pivotal milestone in the

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digital world’s history. The UCLA sent a message with the term "login” in it. After typing the

first two letters "lo" the system crashed (Vida, 2019).

The first computer “worm” was built in the 1970s by Robert Thomas, a researcher for

BBN Technologies in Cambridge, Massachusetts. The Creeper was the name of the creature.

“I'M THE CREEPER: CATCH ME IF YOU CAN”, said the Creeper, who attacked computers by

bouncing from system to system. The first antivirus software was built by Ray Tomlinson, the

inventor of email, who created a replicating programme called The Reaper, which would track

down Creeper and delete it. Cyber-crime grew more powerful after Creeper and Reaper. As

computer software and hardware improves, so do security breaches. With each new

breakthrough, hackers discovered a new vulnerability or a means to circumvent security

measures. The Russians were the first to use cyber power as a weapon, in 1986. Marcus Hess, a

German citizen, gained access to 400 military systems, including Pentagon CPUs. He intended to

sell secrets to the KGB, but an American astronomer, Clifford Stoll, caught him before that could

happen. In 1988, a man named Robert Morris had an idea: he wanted to test the size of the

internet. To do this, he wrote a program that went through networks, invaded UNIX terminals,

and copied itself. The Morris worm was extremely aggressive, slowing systems to the point

where they were unusable. He subsequently became the first person to be convicted under

Computer Fraud and Abuse Act (Albert, 2018).

The Melissa virus was released in late 1999. This was a macro-virus that was specifically

designed to infect email accounts. The virus would get access to these emails with the goal of

sending out mass emails. The author was one of the first to be found guilty of creating malware.

He was given a five-year term after being accused of causing $80 million in damages. In 2013

and 2014, Yahoo was the target of one of the most serious cyber-attacks (Albert, 2018). Yahoo

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accounts belonging to nearly 3 billion people were compromised as a result of the assaults. The

attacks took advantage of vulnerabilities that had not yet been addressed. The hackers installed

malware on Yahoo's systems using spear phishing techniques, giving them unrestricted backdoor

access. They gained access to Yahoo's backup databases and stole sensitive data such as names,

emails, passwords, and password recovery questions and answers (Albert, 2018).

Viruses were becoming more lethal, invasive, and difficult to regulate. We've already

seen big cyber-attacks, and the year isn't even halfway through yet. These are only a few

examples, but they demonstrate that cyber security is a must-have for both enterprises and small

businesses. As shown in the timeline above, cyber security is a never-ending cat and mouse

game. Attackers are gaining new talents and employing new methods and techniques as the

internet evolves. Defenders, on the other hand, react by playing catch-up. According to Gartner

Inc.'s projection, global cyber security spending would reach $133.7 billion by 2022 (Vida,

2019). Cyber-attacks are becoming more sophisticated, prompting businesses to invest more in

establishing data breach prevention solutions.

2.3 Typologies of Cybersecurity Employed in Banking Industry

The banking industry employs various types of cybersecurity measures to protect against

cyber threats and ensure the security and integrity of their systems and data. Some of the key

types of cybersecurity employed in the banking industry include:

2.3.1 Network Security

Network security plays a crucial role in safeguarding the banking industry against cyber

threats and ensuring the confidentiality, integrity, and availability of sensitive data and services.

Banks employ a range of network security measures to protect their computer networks from

unauthorized access, data breaches, and other network-based attacks. One fundamental network

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security measure utilized by banks is the implementation of firewalls. Firewalls act as a barrier

between internal network systems and external networks, such as the Internet, filtering incoming

and outgoing network traffic based on predetermined security rules (Whitman & Mattord, 2020).

By examining network packets and applying access control policies, firewalls help prevent

unauthorized access and protect against various types of cyber-attacks, such as network

intrusions and distributed denial-of-service (DDoS) attacks.

In the banking industry, firewalls are essential network security devices that play a crucial

role in protecting sensitive financial information and ensuring the integrity of banking systems.

The working procedure of a firewall, as utilized by the banking industry, involves several key

steps. Firstly, the firewall performs traffic analysis by inspecting network packets as they enter or

exit the banking network. It examines various packet attributes, such as source and destination IP

addresses, port numbers, and protocols, to gain an understanding of the nature and origin of the

network traffic. Next, the firewall applies a set of predefined security rules or policies specific to

the banking industry (Whitman & Mattord, 2020). These rules determine which types of traffic

are allowed or denied based on specific criteria. For example, the firewall may be configured to

block incoming traffic from certain suspicious IP addresses or restrict access to sensitive banking

systems to authorized users only. The firewall then engages in packet filtering, where it evaluates

individual packets of network data based on the defined rules. It compares the characteristics of

the packets, such as their source and destination addresses and port numbers, against the filtering

rules. If a packet matches a rule that specifies blocking or allowing certain traffic, the firewall

takes the appropriate action, either dropping or forwarding the packet accordingly (Whitman &

Mattord, 2020).

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 In the banking industry, firewalls often employ stateful inspection, a more advanced

technique that goes beyond basic packet filtering (John, 2020). Stateful inspection involves

monitoring the state of network connections, allowing the firewall to track the entire

communication session rather than just individual packets. This enables the firewall to detect and

prevent potential attacks that may exploit vulnerabilities in network protocols or engage in

suspicious behavior during a session. Furthermore, firewalls utilized in the banking industry

often include application layer filtering capabilities. This means they analyze the content and

characteristics of network traffic at the application layer of the network protocol stack (John,

2020). For instance, the firewall can identify and block specific file types known to be associated

with malware or restrict access to certain websites or applications that pose security risks.

Network Address Translation (NAT) is another feature commonly employed by firewalls in the

banking industry. NAT allows multiple devices within the bank's internal network to share a

single public IP address when communicating with external networks. This provides an

additional layer of security by obfuscating the internal network details, making it more

challenging for potential attackers to directly target individual devices within the bank's network.

Firewalls utilized in the banking industry also facilitate logging and reporting functionalities.

They maintain logs that capture information about the network traffic they process, including

details such as source and destination addresses, ports, and the actions taken by the firewall.

These logs are crucial for monitoring network activity, identifying potential security incidents,

and providing audit trails for compliance purposes (John, 2020).

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 Figure 1: Firewall

from scapy.all import *

# Function to handle DNS packets

def handle_dns_packet(packet):
if packet.haslayer(DNS):
dns_packet = packet.getlayer(DNS)

# Check if it's a DNS query

if dns_packet.qr == 0:
# Extract relevant information from the DNS query
source_ip = packet[IP].src
dest_ip = packet[IP].dst
query_name = dns_packet.qd.qname.decode()

# Apply firewall rules based on the query name or source/destination IP addresses

if query_name == "blocked-website.com":
# Block the DNS request for a specific website
print(f"Blocked DNS request for {query_name} from {source_ip} to {dest_ip}")
elif source_ip == "192.168.1.100":
# Block DNS requests from a specific source IP address
print(f"Blocked DNS request from {source_ip} to {query_name}")
else:

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 # Allow DNS requests by default
print(f"Allowing DNS request for {query_name} from {source_ip} to {dest_ip}")

# Sniff DNS packets

sniff(filter="udp port 53", prn=handle_dns_packet)

The code provided is a simple example of how a firewall server can intercept and handle

DNS (Domain Name System) packets using the Python “scapy” library. The purpose of the code

is to demonstrate a basic implementation of a DNS firewall rule enforcement mechanism. The

code starts by importing the necessary modules, including “scapy,” which is a powerful packet

manipulation library. It defines a function named “handle_dns_packet” that takes a packet as an

argument. This function is responsible for processing DNS packets and applying firewall rules

based on predefined criteria.

Within the “handle_dns_packet” function, the code checks if the packet has a DNS layer. If it

does, it proceeds to examine the packet further. It specifically focuses on DNS query packets

(where the “qr” field is set to 0) to capture DNS requests.

The code then extracts relevant information from the DNS query packet, such as the source IP

address, destination IP address, and the query name. The query name represents the domain

name being requested by the client.

Following the extraction of information, the code applies firewall rules based on the predefined

criteria. In the provided example, there are two simple rules demonstrated:

1. Blocking a specific website: If the query name matches the string "blocked-website.com",

the code prints a message indicating that the DNS request for that specific website is

blocked.

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 2. Blocking DNS requests from a specific source IP address: If the source IP address

matches "192.168.1.100", the code prints a message indicating that the DNS request from

that source IP address is blocked.

For any other DNS requests that do not match the above rules, the code defaults to allowing the

DNS request and prints a message stating that the DNS request is allowed.

The code utilizes the sniff function from the “scapy” library to capture DNS packets. It filters the

captured packets to only include UDP packets on port 53, which is the standard port for DNS.

The “prn” parameter is set to the “handle_dns_packet” function, which is called for each

captured DNS packet.

Overall, this code provides a starting point for implementing a DNS firewall server. However, it

is important to note that real-world firewall systems are more complex and involve additional

layers of security and customization. The code can be extended and modified based on specific

requirements, such as integrating with existing firewall infrastructure and applying more

sophisticated rules to enhance network security.

2.3.2 Intrusion Detection and Prevention Systems (IDPS)

Intrusion Detection and Prevention Systems (IDPS) are another critical component of

network security in banks. It plays a crucial role in enhancing network security within the

banking industry. These systems are designed to monitor network activities, analyze network

traffic, and promptly respond to potential security breaches in real-time. By employing various

detection techniques, such as signature-based detection, anomaly detection, and behavioral

analysis, IDPS aim to identify and alert security personnel about suspicious activities that may

indicate unauthorized access or malicious behavior (Vacca, 2019).

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 One of the primary functions of IDPS is to detect intrusions by comparing network traffic

against a database of known attack signatures. This signature-based detection approach involves

matching network patterns and behaviors against a set of predefined signatures, which are

indicative of known attack patterns. When a match is found, the IDPS generates an alert to notify

security personnel about the potential intrusion. Furthermore, IDPS also employ anomaly

detection techniques to identify deviations from normal network behavior. This approach

involves establishing a baseline of expected network behavior and continuously monitoring

network traffic for any abnormal activities. By leveraging statistical models and machine

learning algorithms, IDPS can detect patterns that deviate from the norm, suggesting potential

security breaches or malicious activities (Vacca, 2019).

Behavioral analysis is another technique utilized by IDPS to identify potential security

threats (John, 2020). It involves analyzing the behavior of users, applications, and systems within

the network to detect any suspicious or abnormal actions. By establishing profiles of typical

behavior, IDPS can identify deviations that may indicate unauthorized access or malicious intent.

Intrusion Prevention Systems (IPS) are an advanced version of IDPS that not only detect but also

actively respond to potential security threats. IPS take a proactive approach by automatically

blocking or mitigating attacks to prevent potential harm to the network. This is achieved through

various means, such as altering firewall rules, implementing access controls, or terminating

suspicious network connections (Whitman & Mattord, 2020). By combining the capabilities of

IDPS and IPS, banks can establish a robust defense mechanism against a wide range of network

security threats. These systems provide real-time monitoring and rapid response capabilities,

allowing security personnel to detect and mitigate potential breaches promptly. The proactive

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nature of IPS enables banks to take immediate action, reducing the impact and potential damage

caused by security incidents.

Figure 2: IDPS Functions

2.3.2 Data Encryption

Data encryption is a fundamental security measure employed in the banking industry to

protect sensitive information from unauthorized access and ensure confidentiality. Encryption

involves the process of converting plaintext data into ciphertext, making it unintelligible to

anyone without the proper decryption key (Vacca, 2019). This technique provides a strong layer

of protection for data in transit and at rest, mitigating the risk of data breaches and unauthorized

disclosures.

One of the key applications of data encryption in the banking sector is the protection of

customer information during online transactions. When customers engage in online banking

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activities, such as accessing their accounts or making financial transactions, encryption protocols

are utilized to secure the communication channels. Secure Socket Layer (SSL) and Transport

Layer Security (TLS) protocols are commonly used to establish encrypted connections between

clients and banking servers (Karyda, 2018). These protocols employ asymmetric encryption

algorithms, such as RSA, to facilitate secure key exchange and symmetric encryption algorithms,

such as AES, to encrypt the actual data transmitted over the network (Whitman & Mattord,

2020).

By encrypting the data during transmission, banking organizations can ensure that

sensitive information, such as usernames, passwords, and financial details, remains protected

against eavesdropping and interception by malicious entities (Karyda, 2018). The use of

encryption in online banking not only safeguards customer privacy but also helps to build trust

and confidence among users, thereby encouraging the adoption of digital banking services. Data

encryption is also crucial for securing data at rest, which refers to information stored in

databases, file systems, or backup media. Banks store vast amounts of sensitive customer data,

including account details, transaction history, and personally identifiable information (PII).

Encrypting this data helps to prevent unauthorized access in the event of physical theft or data

breaches (Karyda, 2018).

Encryption at rest is typically implemented through robust algorithms and cryptographic

keys. Advanced Encryption Standard (AES) is a widely adopted symmetric encryption algorithm

for securing data at rest (Whitman & Mattord, 2020). The data is encrypted before being stored

in databases or file systems, and decryption is only possible with the proper encryption keys.

This ensures that even if an unauthorized party gains access to the storage media, the encrypted

data remains unreadable and protected. In addition to securing customer data, encryption is also

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vital for protecting internal communications and sensitive information within the banking

infrastructure. This includes encrypting data exchanged between different banking systems,

encrypting data backups, and securing communications between bank branches or remote

offices. Encryption protocols, algorithms, and key management practices are implemented to

establish secure channels and safeguard the confidentiality and integrity of the information

transmitted (Karyda, 2018).

2.4 An Overview of Internet banking in Nigeria and its Associated Threats

Nigeria has been investing heavily in the development of information technologies. It

was estimated in December 2020 that more than 60% of its population now uses the internet.

This is almost 100 million individuals (Internet World Stats, 2020), making it the 8th largest

globally with the highest number of Internet users. This development of information technologies

has also accelerated the growth of the Nigerian economy. For example, during the same period,

its GDP increased from 369 billion USD to 405 billion USD between 2010 and 2020 (World

Bank, 2020), while its Internet penetration increased from 11.5% to 25.7% (Statistica, 2020).

Internet banking was first introduced to Nigeria in 2003 (Oni and Ayo, 2011). The event

was marked by the introduction of Guidelines on Electronic Banking in Nigeria (CBN, 2019) by

the Central Bank of Nigeria (CBN). A recapitalization of the Nigerian banking industry took

place soon afterwards, with only 25 banks out of the previous 89 banks in Nigeria surviving this

recapitalization. Those that survived were known to have engaged in the use of internet

technologies for effective and efficient delivery of banking services (Akanbi, 2019). The term

‘internet banking’ tends to be used interchangeably with online banking. They refer to a range of

banking services via a range of technical platforms and electronic devices, such as the internet,

computers, mobile phones, and bank cards (Akanbi, 2019). The range of banking services

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include i) Automated Teller Machines (ATMs); ii) Point of Sale terminals (POS terminals) that

handle cheque verification, credit authorization, cash deposit and withdrawal, and cash payment;

iii) Personal Computer (PC) and mobile phone banking that primarily uses personal computers

and mobile phones as banking devices; iv) card systems that use plastic smart cards with

embedded integrated circuits to settle financial transactions.

In the last few years, customers’ appetite in Nigeria for internet banking has grown

rapidly. Internet banking services have also developed rapidly with banks expanding their

delivery channels online, providing almost all offline banking services via the Internet (Akanbi,

2019). Despite these benefits, however, its adoption still remains remarkably low in Nigeria, with

just over 40% of customers having used online banking platforms for one or more banking

activities (KPMG, 2017). The main barriers to a greater acceptance of internet banking in

Nigeria have proved to be the lack of security and trust, limited privacy, and an inadequate

telecommunications infrastructure; along with a low literacy level, and an unreliable electricity

supply (Agboola, 2020). Yet of all these factors, security emerged as the most significant factor

in Auta’s (2019) research, which used an exploratory ‘principle component factor analysis’ to

identify the underlying factors determining the success of internet banking in Nigeria.

The revolutionary service changes in the Nigeria banking industry have, in fact, brought

about a new wave of security problems (Agboola, 2020). Cyber security breaches have become a

key phenomenon affecting the Nigerian banking industry (both the banks and their customers)

(Agboola, 2020). While there is not a standard method to measure the financial cost of these

breaches (figures in different reports tend to vary significantly), the degree of financial damage

experienced by them is reported to be very high and increasing rapidly (Agboola, 2020).

According the report in 2019 of the Nigerian Inter-Bank Settlements Systems (NIBSS Plc),

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Nigerian banks lost 159 billion Nigerian Naira between 2015 and the first quarter of 2020 to

cyber security breaches (Agboola, 2020). Moreover, more than half of the loss occurred in 2017

when the internet became a popular banking tool (Ojeka, 2017). Nigeria had, more generally, lost

around 500 billion Nigerian Naira between 2018 and 2019 on reported and unreported cases of

online fraud/cybercrime across major sectors of the economy, which included both the banking

and telecommunications sectors (Ojeka, 2017). Besides financial loss, reputational loss brought

about by security breaches, while not quantifiable, may be even harder for banks to recover. The

biggest cost of a data breach is indeed reputation in terms of the erosion of brand value (Ojeka,

2017). Reputational loss of a bank may, in fact, reverberate through the whole banking system by

increasing the reputational risk of other banks (Pennathur, 2020).

The most prominent types of cyber security breach in the global banking sector would

include Phishing; cyber terrorism; malware attacks; Bank Verification Number (BVN) scams;

fraudidentity theft; password sniffing; and theft of bank cards (Pennathur, 2020). Interestingly,

for Wada and Odulaja (2019), Phishing, cyber terrorism, electronic spam mails, cyber-stalking,

and fake copy-cat websites, constitute the most prominent types of cyber security breach in the

Nigerian banking industry. Omodunbi (2020) suggest that Bank Verification Number (BVN)

Scams, Phishing, Theft of Bank Cards, Cyber-theft/Banking Fraud are the most prominent types

of cyber security breach in this industry.

Phishing refers to the sending of unsolicited emails to the customers of monetary

institutions, with the intention to encourage them to enter their information, such as username

and password to access their account, usually into electronic forms in fake copy-cat websites

(Pennathur, 2020). These fake copy-cat websites take advantage of consumers who are not

familiar with the exact web addresses and interfaces of their banks. The perpetrators are then

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asked to access online bank accounts of customers without their knowledge. The phishing scam

is now perceived as a very common type of cyber security threat and is becoming one of the

fastest growing threats affecting the financial sector in Nigeria (Pennathur, 2020).

Cyber terrorism refers to the launching of attacks on organizations or governments to

access or distort information stored in their computer systems (Nhan and Bachmann, 2019).

Cyber extortion through Distributed Denial of Services attacks (DDOS) could be a possible

method. It involves putting computer systems under DDOS attacks and demanding ransoms to

restore services.

Cyber extortionists have, in recent years, increasingly attacked institutions’ websites and

networks, thus hampering their ability to function. Malware is a term used to refer to viruses,

worms, Trojans and other malicious software that enter a computer without the knowledge of the

owner (Nhan and Bachmann, 2019). In the financial sector, Trojan horse has emerged as one of

the most common techniques used to create an automated attack on computer systems. This is

known as a salami attack, in which small amounts of resources are stolen, a slice at a time, from

a larger pool, without being noticed.

Bank Verification Number (BVN) scam is another form of cyber security threat,

particularly in Nigeria that affects the banking industry (Nhan and Bachmann, 2019). A BVN is a

biometric identification system that uses an 11-digit number as a universal identifier across all

banks in the country. The primary reason for the introduction of this system, by the central bank

of Nigeria, has been to link all the bank accounts of an individual in order to minimize fraudulent

activities (Nhan and Bachmann, 2019). Its implementation, however, also provided fraudsters

with an opportunity through which to carry out fraudulent activities on a much larger scale.

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 Identity theft refers to the legitimate use of an account to retrieve crucial information

relating to the account. In Nigeria, fake online banking web pages have increasingly been used

by fraudsters to retrieve valuable information from users’ accounts, such as pin numbers and

usernames (Olasanmi, 2019). Generally, the use of false ‘copy-cat’ websites has emerged as one

of the latest trends in online deception. These take advantage of internet users, who are

unaccustomed to the internet and/or do not know the exact web address/interface of the

organisation that they want to access online (Olasanmi, 2019).

Password sniffing has also emerged as a foremost cyber secuirty threat affecting the

banking sector. The threat involves the use of programs that are specifically designed to monitor

all traffic in an organisation’s network. When a user types in his/her username and password as

requested by the system, the sniffing program collects all that information. Additional programs

are then used to filter the information gathered, pulling out some important details, while

covering up the existence of password sniffers. Evidence suggests that a significant number of

financial institutions across the globe are now affected by attacks linked to password sniffing

(Olasanmi, 2019).

A further but now common cyber security threat remains the theft of bank cards. This has,

however, evolved from physically stealing a card to stealing the card numbers online (Olasanmi,

2019). Now, perpetrators do not have to be in the same location as the victims in order to steal

their identities. For example, hidden cameras can be used by perpetrators to record customers’

ATM card pins. Perpetrators can also use ATM skimming, which involves putting an electric

device on an ATM to record the information from the magnetic strip of a bank card whenever an

individual inserts the card (FBI, 2019). Information obtained from this process could be used to

perform a range of criminal activities, e.g., internet order fraud (Asokhia, 2019).

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2.5 Theoretical Review

2.5.1 Technology Adoption and Resistance

One theoretical perspective that can be applied to the study of cybersecurity in the

banking industry is the Technology Adoption Model (TAM) proposed by Davis (1989). TAM

focuses on individuals' acceptance and use of technology and has been widely applied to various

domains, including the adoption of cybersecurity measures. According to TAM, the perceived

usefulness and ease of use of a technology are critical factors influencing its adoption. In the

context of cybersecurity, TAM help explain the adoption of security measures by banks. Banks

may implement various cybersecurity technologies and practices, such as firewalls, intrusion

detection systems, and encryption, based on the perceived usefulness of these measures in

protecting sensitive data and maintaining the integrity of their systems. The perceived usefulness

of these technologies lies in their ability to mitigate cyber threats, protect against unauthorized

access, and safeguard critical financial information (Venkatesh & Bala, 2018). Banks that

perceive these technologies as effective in preventing cyber threats are more likely to adopt

them.

However, resistance to technology adoption can also occur within organizations, posing

challenges to the implementation of robust cybersecurity measures. Several factors contribute to

this resistance. One of the key barriers is the lack of knowledge and awareness about

cybersecurity risks and the available protective measures (Kreutz, de Oliveira, & Tashima,

2019). Limited understanding of the potential consequences of cyber-attacks and the benefits of

adopting security measures can hinder banks' willingness to invest in cybersecurity. To address

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this, awareness campaigns, training programs, and knowledge-sharing initiatives can be

employed to educate bank employees about the importance of cybersecurity and the potential

risks associated with inadequate protection.

Cost considerations also play a significant role in technology adoption and resistance.

Implementing robust cybersecurity measures can be financially demanding for banks,

particularly smaller institutions with limited resources (Chang & Hu, 2019). The cost associated

with acquiring and maintaining security technologies, conducting regular security audits, and

employing skilled personnel can act as a deterrent to adoption. It is crucial to strike a balance

between the cost of implementing security measures and the potential losses that may occur in

the event of a cybersecurity breach. Governments and regulatory bodies can support banks by

providing incentives, grants, or tax benefits to promote the adoption of cybersecurity measures.

Resistance to change within organizational structures and cultures is another challenge in

technology adoption. Banks may have established routines, processes, and systems that are

resistant to change (Kreutz, 2019). Implementing new security measures may require

modifications to existing workflows and practices, potentially disrupting established routines.

Resistance to change can arise from concerns about disruptions in daily operations, employee

resistance to learning new technologies, or resistance from middle management who may

perceive security measures as unnecessary burdens (Venkatesh & Bala, 2018). Overcoming this

resistance requires effective change management strategies, involving stakeholders at all levels,

and emphasizing the benefits of improved security and long-term sustainability.

2.5.2 Institutional Theory

Institutional Theory provides a valuable theoretical framework for understanding the

dynamics of cybersecurity practices in the banking industry. This theory emphasizes the

26
influence of external institutional pressures on organizations' behavior, norms, and practices

(Scott, 1995). Organizations conform to these pressures to gain legitimacy and maintain their

social standing within their institutional environment. In the context of cybersecurity, regulatory

requirements, industry standards, and customer expectations act as external institutional

pressures on banks to implement robust security measures. Regulatory bodies, such as the

Central Bank of Nigeria, establish guidelines and regulations that banks must adhere to regarding

cybersecurity practices (CBN, 2020). Compliance with these regulations is essential for banks to

maintain their legal standing and reputation.

Industry-wide norms and standards also shape the cybersecurity practices of banks. The

banking sector may develop collective norms and practices through industry associations,

collaboration among institutions, and knowledge-sharing platforms. These norms help establish

consistent security measures across the industry, ensuring a baseline level of cybersecurity and

fostering customer trust. Furthermore, customer expectations play a vital role in shaping the

cybersecurity practices of banks. Customers increasingly demand secure online banking services

and expect their financial institutions to safeguard their personal and financial information

(Akhtar, 2018). Banks that fail to meet these expectations may face reputational damage and loss

of customer trust. Therefore, banks are motivated to adopt robust security measures to align

themselves with customer expectations and maintain their legitimacy in the industry.

Institutional pressures can also drive banks to engage in symbolic compliance, where

they adopt security measures to create an image of conformity without truly implementing

effective safeguards (Suchman, 1995). Symbolic compliance can occur when banks prioritize

appearing compliant over actual security enhancement. This may happen if banks perceive the

costs associated with implementing robust security measures to outweigh the benefits. Therefore,

27
it is crucial to examine not only the adoption of security measures but also their actual

effectiveness and implementation in practice.

Moreover, the diffusion of cybersecurity practices within the banking industry can be

influenced by mimetic, normative, and coercive isomorphic forces (DiMaggio & Powell, 2013).

Mimetic isomorphism refers to the imitation of practices by organizations to cope with

uncertainty and reduce risks. Banks may observe the cybersecurity practices of other successful

institutions and imitate them to gain legitimacy and competitive advantage. Normative

isomorphism refers to the adoption of practices due to professionalization and peer pressure. In

the banking industry, peer institutions can exert normative pressure on banks to adopt

cybersecurity practices as a way to conform to industry standards. Coercive isomorphism occurs

when organizations comply with external pressures due to fear of penalties or sanctions.

Regulatory bodies can use coercive forces to enforce compliance with cybersecurity regulations,

driving banks to adopt necessary security measures.

2.6 Cybersecurity Measures Employed Against Cyberattacks

This section provides an overview of the key measures employed by some banks in

Nigeria and their significance in mitigating risks and safeguarding customer data.

2.6.1 Multifactor Authentication

One of the primary cybersecurity measures adopted by Banks is multi-factor

authentication (MFA). MFA requires users to provide multiple forms of identification, such as

passwords, one-time passwords (OTP), or biometric authentication, to access their accounts

(Chen & Zhao, 2016). By implementing MFA, this enhances the security of customer accounts,

significantly reducing the risk of unauthorized access and protecting against identity theft and

fraudulent transactions.

28
 To secure online transactions and protect customer data during transmission, this method

utilizes Secure Socket Layer (SSL) encryption. SSL establishes an encrypted connection between

the user's device and the bank's server, ensuring that sensitive information, such as login

credentials and financial transactions, remains confidential and protected from interception

(Rescorla, 2000). By implementing SSL encryption, banks maintains the integrity of customer

data, strengthening trust and confidence in conducting secure online transactions.

Firewalls serve as a critical cybersecurity measure employed by banks. Firewalls act as a

barrier between bank's internal network and external networks, monitoring and filtering network

traffic based on predefined security rules (Sullivan & Liu, 2011). This safeguards against

unauthorized access and protects against various cyber threats, including hacking attempts,

malware attacks, and DDoS attacks. By implementing robust firewalls, banks fortifies its

systems, reducing the risk of data breaches and ensuring the confidentiality and availability of

customer information.

2.6.2 Intrusion Detection and Prevention Systems

Bank also utilizes intrusion detection and prevention systems (IDPS) to proactively

monitor network traffic and identify potential security breaches. IDPS employs various detection

techniques, such as signature-based detection, anomaly detection, and behavioral analysis, to

identify suspicious activities in real-time (Ji, 2019). This allows bank's security personnel to

promptly respond to potential threats, minimizing the impact and potential damage caused by

security incidents. By employing IDPS, banks demonstrates its commitment to maintaining a

proactive security posture and safeguarding its systems and customer data. Furthermore, banks

places significant emphasis on employee cybersecurity awareness and training. Recognizing that

employees play a crucial role in maintaining a secure environment, the bank provides regular

29
training programs to educate its staff about emerging cyber threats, phishing scams, and best

practices for data protection (Albrechtsen, 2020). By promoting a culture of cybersecurity

awareness, banks enhances its overall security posture and reduces the likelihood of human error

leading to security breaches.

30
 CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Research Design

The quantitative approach is a research method that focuses on the collection and analysis

of numerical data to uncover patterns, relationships, and trends in a systematic and objective

manner (Creswell & Creswell, 2017). In this study, the quantitative approach is suitable for

investigating the security measures employed by Nigerian banks and evaluating their

effectiveness in mitigating cyber threats. The quantitative approach is appropriate for this study

for several reasons. Firstly, it allows for the measurement and analysis of variables related to

cybersecurity practices in a large sample of Nigerian banks. By collecting numerical data

through a structured survey questionnaire, the study can gather comprehensive information on

the types and frequency of cyber threats faced by banks, the key security practices employed, the

challenges faced, and the level of collaboration among banks. This approach enables the study to

provide a quantitative assessment of the current state of cybersecurity in the Nigerian banking

industry. Secondly, the quantitative approach facilitates statistical analysis, which allows for the

examination of relationships and patterns among variables. By employing inferential statistics

such as chi-square tests and correlation analysis, the study can explore the associations between

different security measures and their effectiveness in addressing cyber threats. This statistical

analysis provides objective evidence and allows for generalizations to be made about the larger

population of Nigerian banks.

31
 In the context of this study, the quantitative approach is particularly suitable due to its

ability to provide numerical evidence and statistical insights into the effectiveness of

cybersecurity measures. The study aims to generate objective data that can inform decision-

making and guide improvements in the security practices of Nigerian banks. By quantifying the

frequency of cyber threats, identifying the prevalence of specific security measures, and

measuring their impact, the study contributes to a comprehensive understanding of the

cybersecurity landscape in the Nigerian banking industry.

3.2 Population of the study

The population of this study consists of Information Technology (IT) security experts,

bank managers and directors within ten (ten) banks located in Ilorin metropolis. Ilorin, the capital

city of Kwara State in Nigeria, is home to several banks operating within its jurisdiction. The

selection of this population is based on their expertise and roles in ensuring the cybersecurity of

banks in the region. The IT security experts are professionals who specialize in implementing

and managing the security measures within the banking sector. They possess knowledge and

experience in various aspects of cybersecurity, including network security, data protection,

vulnerability management, and incident response. These experts are responsible for designing

and implementing robust security frameworks to safeguard banks' digital assets and sensitive

customer information. The managers within banks, on the other hand, hold key decision-making

positions and play a crucial role in overseeing and coordinating the implementation of

cybersecurity measures. They are responsible for setting security policies, allocating resources,

and ensuring compliance with regulatory requirements. These managers possess a

comprehensive understanding of the operational and managerial aspects of cybersecurity within

their respective banks.

32
3.3 Sampling technique and Sample size

The sampling technique employed for this study will be a combination of stratified

random sampling and convenience sampling. In stratified random sampling, the population is

divided into different subgroups or strata based on specific characteristics. In this case, the

subgroups will be bank managers and directors, as well as IT security experts. Stratified random

sampling ensures that each subgroup is adequately represented in the sample, allowing for a

more accurate representation of the population. Within each stratum, a random selection of

participants will be made. For example, within the bank managers and directors stratum, a

random sample of 39 individuals will be selected. Similarly, within the IT security experts

stratum, a random sample of 53 individuals will be selected making a total sample size of 92.

The specific individuals to be included in the sample will be identified using convenience

sampling. This means that participants will be selected based on their availability and willingness

to participate in the study. The researchers will reach out to potential participants within the

target population, explain the purpose of the study, and request their voluntary participation.

Table 3.1 Sample size

S/N Banks Bank manager and Information Technology (IT)

directors security experts
1 UBA 5 7
2 First Bank 3 6
3 Fidelity Bank 4 6
4 Union Bank 5 6
5 Sterling Bank 2 4

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 6 Keystone Bank 4 5
7 Access Bank 3 5
8 Ecobank Nigeria 4 5
9 Zenith Bank 5 4
10 Polaris Bank 4 5
Total 39 53

3.4 Research Instrument

The research instrument for this study will be an online questionnaire administered to the

selected participants. The online questionnaire is a structured data collection tool that allows for

the efficient gathering of information from a large number of participants in a convenient and

standardized manner. The questionnaire will be designed to collect data on various aspects

related to cybersecurity measures employed by banks in Nigeria. It will include both closed-

ended and open-ended questions to gather quantitative and qualitative data, respectively. Closed-

ended questions will provide respondents with pre-determined response options, while open-

ended questions will allow participants to provide detailed explanations and insights.

3.5 Validity of Instrument

The validity of the research instrument refers to the extent to which the instrument

measures what it intends to measure. In the context of this study, the validity of the online

questionnaire used to collect data on the cybersecurity measures employed by banks in Nigeria is

of utmost importance. Content validity will be use to ensure the validity of the research

instrument. Content validity refers to the extent to which the items in the questionnaire represent

the full range of concepts or dimensions that the study aims to measure. In other words, it

assesses whether the questionnaire includes relevant and comprehensive items that capture the

key aspects of cybersecurity measures in the banking sector.

3.6 Reliability of Instrument

34
 Reliability is an essential aspect of ensuring the quality and consistency of the research

instrument used in this study. Reliability refers to the extent to which the instrument produces

consistent and stable results over time. In this study, test-retest method will be adopted to ensure

reliability of the research instrument.

3.7 Method of data analysis

Data analysis plays a crucial role in research studies as it helps in organizing,

summarizing, and interpreting the collected data. In this study, the data collected through the

online questionnaire will be analyzed using the Statistical Package for the Social Sciences

(SPSS) software to present the percentage and frequency tables.

35
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