Effect of Cyber Security on Business Sustainability of Listed Microfinance Banks in Nigeria
In Nigeria, microfinance banks (MFB) face the burden of investing in cyber security to protect their databases, prevent monetary losses, maintain customer trust, and remain afloat in a competitive business environment. However, there are incessant cyber risks and attacks by criminals who gain undue access to the cyber-space of MFB and cause financial and non-financial loss. The objective of this quantitative study was to examine the effect of cyber security on the business sustainability of three listed, and most valued MFBs in Nigeria. The population of the study was 315 senior, medium and junior employees of three MFBs in Nigeria. As the target population was manageable, the research adopted a census. Data were collected using a semi-structured questionnaire, and the formulated hypothesis was analysed using multiple regression. The study found that cyber security has a significant and positive impact on the sustainability of MFB in Nigeria. Data availability account for the largest contribution to the sustainability of MFBs, followed by data confidentiality and data integrity. Employees in a MFB uphold that data availability, confidentiality, and integrity are pivotal elements of cyber security that influence the sustainability of their organisations in Nigeria. Given these results from the viewpoint of employees, MFBs are implored to regularly review and strengthen their risk management strategy and adopt a more integrative approach of human-centric cybersecurity, which brings technology and human elements together to address current and future cyber risks and build and sustain consumer trust in digital financial transactions. The implication of the study and areas for future research are highlighted.
Alawonde, K (2020). Tailored Information Security Strategies for Financial Services Companies in Nigeria, Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Information Technology, Walden University, College of Management and Technology
Anoke, A.F. (2019). Growth strategies and performance of listed insurances firms in Nigeria; Journal of Accounting, Finance and Development, 2(1), 49-60
Anoke, A.F., Ndubuisi-Okolo, P.U. (2022). Entrepreneurial mind-set among Nigeria University Students: A study of Ebonyi State University’s entrepreneurship Centre, Abakaliki. Asian Journal of Economics, Business and Accounting 22(5):24-33
Anoke, A.F., Nzewi, H.N., Agagbo, O.C., and Onu, A.N. (2021). Micro insurance services and growth
of women entrepreneurs in Onitsha, Anambra State, Nigeri,. International Journal of Innovative Science and Research Technology, 6(8): 507-513.
Aragba-Akpore, S (2022). Digital literacy and rising cybercrimes, THISDAY Newspaper. https://www.thisdaylive.com/index.php/2022/06/01/digital-literacy-and-rising-cyber- crimes
Ashrafi. M, Acciaro. M, Walker. T, Magnan. G & Adams. M. 2019.Corporate sustainability in Canadian and US maritime ports. Journal of Cleaner Production, 386-397.
Catal C, Ozcan A, Donmez E, Kasif A. (2022). Analysis of cyber security knowledge gaps based on cyber security body of knowledge. Educ Inf Technol (Dordr). 5:1-23.
Chang,L.Y and N. Coppel, N (2020). Building cyber security awareness in a developing country: lessons from Myanmar. Computers & Security, 97, 101959, 2020
Duncan, B and Westerlund, M(2022).Cost-Effective Permanent Audit Trails for Securing SME Systems when Adopting Mobile Technologies. Conference: IARIA Cloud Computing 2022: The Fourteenth International Conference on Cloud Computing, GRIDs, and Virtualization, Barcelona, Spain
Ebelogu, C., Ojo, S., Andeh C , and Agu E.(2019). Cybercrime, its Adherent Negative Effects on Nigerian Youths and the Society at Large: Possible Solutions. International Journal of Advances in Scientific Research and Engineering. 5,12,154-166.
Fashagba, M.O., (2018). The impact of insurance on the economic growth in Nigeria; Afro Asian Journal of Social Science, 9(1),3-14.
Garcia-Perez, I., Fernandez-Izquierdo, M.A. and Munoz-Torres, M.J (2020). Microfinance institutions fostering sustainable development. Sustainability, 12, 2682, 1-22.
GCI (2020). Global Cybersecurity Index
Miracle, A., Armah, E.D., Mohammed, N & Sackey-Sam, S (2021).The antithetical effect of cybercrime on Small Medium Enterprise: Public assessment. International Journal of Multidisciplinary Studies and Innovative Research, 7, 479-481
Kolade, E(2022). Cybersecurity in Nigeria’s Financial Industry: Enhancing Consumer Trust and
Security, Carnegie Endowment for International Peace, https://carnegieendowment.org/2022/05/13/cybersecurity-in-nigeria-s-financial-industry-enhancing-consumer-trust-and-security-pub-87123
Morgan, S. (2020). Cyber-crime to cost the world about ten point five (10.5) trillion dollars annually by 2025. Cyber warfare in the C-suit
Navajas, S., Schreiner, M. Meyer, R.L. Gonzalez-vega, C. Rodriguez-meza, J. (2020). Micro credit and the Poorest of the Poor: Theory and Evidence from Bolivia. World Development, 28, 333–346.
Nawaz,S., Selva, V.D. and Mario, M (2016). Extensive Literature Review to Investigate the Dimensions of Business Sustainability 22, 3, 273-302.
Nunnally, J. C (1987). Pyschomatic Theory Theory (2nd edition) New York, McGraw-Hill
NSE Fact Book (2020). Nigeria Stock Exchange FactBook 2020
Okonkwo, I.V. and Okereke, D.C. (2019). Development and innovation in Nigerian Insurance industry:2010-2018. International Journal of Research in Business, Economics and Management.3 (1), 105-121.
Omodunbi, B.A., Odiase, P.O., Olaniyan, D.M., & Esan, A.O. (2016). Cybercrimes in Nigeria: Analysis, detection and prevention. Fuoye Journal of Engineering and Technology; 1(1), 37-42.
Perez, B., Bacotti, ., Peteri, K., & Vollmer, T. (2020). An extension of common used toilet - training procedures to children with autism spectrum disorder. Journal of applied Behaviour Analysis 53(3)
Perwej, Y., Abbas, S.M., Dixit, J.P., Akhtar, A & Jaiswal, AK (2021). A Systematic Literature Review on the Cyber Security. International Journal of Scientific Research and
Management, 9 (12),669-710.
Prakash,M(2022). CIA Triad in Cyber Security: Definition, Examples, Importance.
Popescul, D. & Cuza, A.I (2011). The Confidentiality – Integrity – Accessibility Triad into the
Knowledge Security. A Reassessment from the Point of View of the Knowledge Contribution to Innovation., Proceedings of The 16th International Business Information Management Association Conference (Innovation and Knowledge Management, A Global Competitive Advantage), June 29-30, Kuala Lumpur, Malaysia, 1338-1345
Seemma, P.S., Nandhini, S., & Sowmiya,M. (2018). Overview of cyber security; International
Journal of Advance Research in Computer and Communication Engineering,7(11), 2-5.
Uddin, M. H., Ali, M.H. & Hassan, M.K. (2020). Cybersecurity hazards and financial system
vulnerability: A synthesis of literature, Risk Management, 22(4), 239-309.
Ugwuja, V.C & Adesope, O.M (2021). Cyber risks in microfinance digitization: exposures and
preventions among female headed farm households in southern Nigeria. European Journal of Agriculture and Food Sciences, 3, 3, 62 -68.
WECD (1987) World Commission on Environment and Development
Xu, W.; Fu, H.; Liu, H. (2019). Evaluating the Sustainability of Microfinance Institutions
Considering Macro-Environmental Factors: A Cross-Country Study. Sustainability,11, 5947, 1-22.
Yakubu, A.M. (2017). Cyber security issues in Nigeria and challenges. International Journal of Advanced Research in Computer Science and Software Engineering; 7(4), 315-321.
Copyright (c) 2023 Artha Journal of Social Sciences
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.