CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS
The digital transformation of the global financial landscape has brought forth unprecedented opportunities and challenges, particularly in the realm of cybersecurity. This paper delves into the intricate dynamics of cybersecurity within the banking sectors of two pivotal players in the global econom...
Saved in:
| Main Authors: | , , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Zibeline International
2023-09-01
|
| Series: | Acta Informatica Malaysia |
| Subjects: | |
| Online Access: | https://actainformaticamalaysia.com/archives/AIM/1aim2023/1aim2023-54-62.pdf |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1850173169339465728 |
|---|---|
| author | Okeoma Onunka Ayoola Maxwell Alabi Chiedozie Marius Okafor Anwuli Nkemchor Obiki-Osafiele Tochukwu Onunka Chibuike Daraojimba |
| author_facet | Okeoma Onunka Ayoola Maxwell Alabi Chiedozie Marius Okafor Anwuli Nkemchor Obiki-Osafiele Tochukwu Onunka Chibuike Daraojimba |
| author_sort | Okeoma Onunka |
| collection | DOAJ |
| description | The digital transformation of the global financial landscape has brought forth unprecedented opportunities and challenges, particularly in the realm of cybersecurity. This paper delves into the intricate dynamics of cybersecurity within the banking sectors of two pivotal players in the global economy: the United States (U.S.) and Nigeria. Through a comprehensive exploration, the study underscores the profound significance of robust cybersecurity measures in safeguarding the integrity and security of financial institutions in today’s interconnected digital age. The research begins with a deep dive into the background of cybersecurity in financial institutions, revealing the escalating importance of digital defenses, especially in an era marked by frequent and sophisticated cyber threats. The interconnectedness of today’s financial systems and the rise of digital transactions amplifies cyber breaches’ potential risks and economic impacts. A comparative study of the U.S. and Nigerian banking systems showcases the unique challenges and solutions each country’s financial institutions face. While the U.S. grapples with issues like money laundering and the need for increased competition, Nigeria’s banking landscape is influenced by factors such as the potential of Islamic banking and the challenges of financial inclusion. Emerging technologies, particularly artificial intelligence, are highlighted as cybersecurity game-changers. Their ability to predict, detect, and respond to threats in real-time offers a promising avenue for enhancing digital defenses. However, the paper also cautions that with technological advancements come new challenges, as adversaries too harness these technologies for more sophisticated attacks. The paper concludes with a forward-looking perspective, emphasizing the need for continuous investment in research, collaboration, education, and agile policymaking. It advocates for a unified approach, where financial institutions, regulatory bodies, and cybersecurity firms work in tandem to ensure the security and trustworthiness of the financial sectors in both nations. In essence, this research provides a comprehensive overview of the current state of cybersecurity in the banking sectors of the U.S. and Nigeria, offering insights and recommendations for fortifying defenses and ensuring financial stability in the digital age. |
| format | Article |
| id | doaj-art-9faf9c609bf049338934faab7588a879 |
| institution | OA Journals |
| issn | 2521-0874 2521-0505 |
| language | English |
| publishDate | 2023-09-01 |
| publisher | Zibeline International |
| record_format | Article |
| series | Acta Informatica Malaysia |
| spelling | doaj-art-9faf9c609bf049338934faab7588a8792025-08-20T02:19:55ZengZibeline InternationalActa Informatica Malaysia2521-08742521-05052023-09-0171546210.26480/aim.01.2023.54.62CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTSOkeoma Onunka0Ayoola Maxwell Alabi1Chiedozie Marius Okafor2Anwuli Nkemchor Obiki-Osafiele3Tochukwu Onunka4Chibuike Daraojimba5Nigerian Institute of Leather and Science Technology Zaria Kaduna NigeriaIndependent Researcher, UKUnited States Mission, NigeriaZenith Pensions Custodian LtdAbia State Oil Producing Area Development CommissionUniversity of PretoriaThe digital transformation of the global financial landscape has brought forth unprecedented opportunities and challenges, particularly in the realm of cybersecurity. This paper delves into the intricate dynamics of cybersecurity within the banking sectors of two pivotal players in the global economy: the United States (U.S.) and Nigeria. Through a comprehensive exploration, the study underscores the profound significance of robust cybersecurity measures in safeguarding the integrity and security of financial institutions in today’s interconnected digital age. The research begins with a deep dive into the background of cybersecurity in financial institutions, revealing the escalating importance of digital defenses, especially in an era marked by frequent and sophisticated cyber threats. The interconnectedness of today’s financial systems and the rise of digital transactions amplifies cyber breaches’ potential risks and economic impacts. A comparative study of the U.S. and Nigerian banking systems showcases the unique challenges and solutions each country’s financial institutions face. While the U.S. grapples with issues like money laundering and the need for increased competition, Nigeria’s banking landscape is influenced by factors such as the potential of Islamic banking and the challenges of financial inclusion. Emerging technologies, particularly artificial intelligence, are highlighted as cybersecurity game-changers. Their ability to predict, detect, and respond to threats in real-time offers a promising avenue for enhancing digital defenses. However, the paper also cautions that with technological advancements come new challenges, as adversaries too harness these technologies for more sophisticated attacks. The paper concludes with a forward-looking perspective, emphasizing the need for continuous investment in research, collaboration, education, and agile policymaking. It advocates for a unified approach, where financial institutions, regulatory bodies, and cybersecurity firms work in tandem to ensure the security and trustworthiness of the financial sectors in both nations. In essence, this research provides a comprehensive overview of the current state of cybersecurity in the banking sectors of the U.S. and Nigeria, offering insights and recommendations for fortifying defenses and ensuring financial stability in the digital age.https://actainformaticamalaysia.com/archives/AIM/1aim2023/1aim2023-54-62.pdfcybersecurityfinancial institutionsdigital transformationemerging technologiesu.s. banking systemnigerian banking landscape. |
| spellingShingle | Okeoma Onunka Ayoola Maxwell Alabi Chiedozie Marius Okafor Anwuli Nkemchor Obiki-Osafiele Tochukwu Onunka Chibuike Daraojimba CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS Acta Informatica Malaysia cybersecurity financial institutions digital transformation emerging technologies u.s. banking system nigerian banking landscape. |
| title | CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS |
| title_full | CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS |
| title_fullStr | CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS |
| title_full_unstemmed | CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS |
| title_short | CYBERSECURITY IN U.S. AND NIGERIA BANKING AND FINANCIAL INSTITUTIONS: REVIEW AND ASSESSING RISKS AND ECONOMIC IMPACTS |
| title_sort | cybersecurity in u s and nigeria banking and financial institutions review and assessing risks and economic impacts |
| topic | cybersecurity financial institutions digital transformation emerging technologies u.s. banking system nigerian banking landscape. |
| url | https://actainformaticamalaysia.com/archives/AIM/1aim2023/1aim2023-54-62.pdf |
| work_keys_str_mv | AT okeomaonunka cybersecurityinusandnigeriabankingandfinancialinstitutionsreviewandassessingrisksandeconomicimpacts AT ayoolamaxwellalabi cybersecurityinusandnigeriabankingandfinancialinstitutionsreviewandassessingrisksandeconomicimpacts AT chiedoziemariusokafor cybersecurityinusandnigeriabankingandfinancialinstitutionsreviewandassessingrisksandeconomicimpacts AT anwulinkemchorobikiosafiele cybersecurityinusandnigeriabankingandfinancialinstitutionsreviewandassessingrisksandeconomicimpacts AT tochukwuonunka cybersecurityinusandnigeriabankingandfinancialinstitutionsreviewandassessingrisksandeconomicimpacts AT chibuikedaraojimba cybersecurityinusandnigeriabankingandfinancialinstitutionsreviewandassessingrisksandeconomicimpacts |