ASSESSMENT OF CYBER SECURITY PREPAREDNESS IN NIGERIAN FINANCIAL INSTITUTIONS: A CASE STUDY OF UBA NASARAWA

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ASSESSMENT OF CYBER SECURITY PREPAREDNESS IN NIGERIAN FINANCIAL INSTITUTIONS: A CASE STUDY OF UBA NASARAWA

ABSTRACT

This study assesses the cybersecurity preparedness of United Bank for Africa (UBA) in Nasarawa, focusing on existing policies, identified risks, technical measures, employee awareness, and recommendations for improvement. Using a combination of surveys and interviews with key stakeholders, the study reveals that UBA Nasarawa has established comprehensive cybersecurity policies, although certain gaps remain. The analysis identifies phishing attacks as the most significant threat, followed by malware infections and insider threats. Technical security measures such as firewalls, intrusion detection systems, and encryption are found to be effective, yet there is a need for continual updates and enhancements. The study also finds a moderate to high level of cybersecurity awareness among employees, suggesting the benefits of further training programs. Recommendations include enhancing cybersecurity policies, increasing employee training, updating technical measures, conducting regular security audits, and improving incident response procedures. These findings underscore the importance of a multifaceted approach to cybersecurity, integrating policy development, technical measures, and continuous education to mitigate risks and enhance organizational resilience against cyber threats.

CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

The rapid advancement of information and communication technologies (ICTs) has transformed the way financial institutions operate worldwide, leading to increased efficiency and convenience for customers. However, this digital revolution has also introduced new risks and vulnerabilities, particularly in the realm of cybersecurity. Financial institutions, including banks like UBA Nasarawa, have become prime targets for cybercriminals due to the valuable financial data they possess (Alao, 2019).

In Nigeria, the financial sector has experienced significant growth and innovation in recent years, driven by factors such as increased internet penetration, mobile banking services, and government initiatives to promote financial inclusion (CBN, 2020). According to the Central Bank of Nigeria (CBN), the total volume of electronic payment transactions in Nigeria reached over 3.4 billion in 2020, highlighting the growing reliance on digital channels for financial transactions (CBN, 2021).

However, alongside this digital transformation, the Nigerian financial sector has also witnessed a surge in cyber threats and attacks. The Nigeria Inter-Bank Settlement System (NIBSS) reported a total of 3,500 fraud attempts worth ₦9.5 billion in 2020, underscoring the pervasive nature of cybercrime in the country’s financial ecosystem (NIBSS, 2021). These threats include various forms of cyberattacks, such as phishing, malware, ransomware, and social engineering schemes, targeting both financial institutions and their customers (Adelaja et al., 2020).

In response to these evolving cyber threats, regulatory authorities in Nigeria have introduced measures to enhance cybersecurity in the financial sector. The Nigeria Data Protection Regulation (NDPR), implemented by the National Information Technology Development Agency (NITDA), imposes obligations on organizations to safeguard personal data and mitigate the risk of data breaches (NITDA, 2019). Additionally, the Central Bank of Nigeria (CBN) has issued guidelines and directives on cybersecurity for banks and other financial institutions, emphasizing the importance of robust cybersecurity frameworks and risk management practices (CBN, 2018).

Despite these regulatory efforts and investments in cybersecurity measures, financial institutions like UBA Nasarawa continue to face challenges in effectively combating cyber threats and protecting sensitive customer information. Therefore, there is a pressing need to assess the cybersecurity preparedness of UBA Nasarawa and identify areas for improvement to strengthen its defenses against cyber attacks. By conducting a comprehensive assessment of UBA Nasarawa’s cybersecurity posture, this study aims to contribute to the body of knowledge on cybersecurity in the Nigerian financial sector and provide valuable insights for enhancing the resilience of financial institutions against cyber threats.

1.2       Statement of the Problem

In recent years, the Nigerian financial sector, including institutions like UBA Nasarawa, has faced escalating cyber threats that pose significant risks to the confidentiality, integrity, and availability of financial systems and data. Despite regulatory efforts and investments in cybersecurity measures, financial institutions continue to grapple with various challenges in safeguarding their IT infrastructures and customer information from cyber attacks.

One of the primary challenges is the evolving nature of cyber threats, which have become increasingly sophisticated and diverse. Cybercriminals employ tactics such as phishing, malware, ransomware, and social engineering to target financial institutions and exploit vulnerabilities in their systems (Adelaja et al., 2020). These attacks not only threaten the financial stability of institutions like UBA Nasarawa but also erode customer trust and confidence in the banking sector.

Furthermore, the rapid digitization of financial services in Nigeria has expanded the attack surface for cybercriminals, exposing financial institutions to new vulnerabilities. The adoption of mobile banking, internet banking, and other digital channels has introduced additional entry points for cyber attacks, making it challenging for institutions to monitor and secure their networks effectively (CBN, 2020).

Another significant problem is the human factor, as employees of financial institutions may inadvertently or intentionally compromise cybersecurity defenses. Insider threats, negligence, and inadequate cybersecurity awareness among employees can undermine even the most robust security measures, potentially leading to data breaches and financial losses (Oladipo et al., 2020).

Moreover, compliance with cybersecurity regulations and standards presents a considerable challenge for financial institutions in Nigeria. While regulatory frameworks such as the Nigeria Data Protection Regulation (NDPR) and guidelines from the Central Bank of Nigeria (CBN) aim to promote cybersecurity best practices, achieving and maintaining compliance can be resource-intensive and complex for organizations like UBA Nasarawa (NITDA, 2019; CBN, 2018).

In light of these challenges, there is an urgent need to assess the cybersecurity preparedness of UBA Nasarawa and identify gaps and weaknesses in its cybersecurity defenses. By understanding the specific challenges and vulnerabilities faced by UBA Nasarawa, stakeholders can develop targeted strategies and initiatives to enhance the institution’s resilience to cyber threats and protect the interests of its customers and stakeholders.

1.3       Objectives of the Study

The primary objective of this study is to assess the cybersecurity preparedness of UBA Nasarawa, with specific objectives including:

1. To evaluate the existing cybersecurity policies and procedures in place at UBA Nasarawa.
2. To identify the key cybersecurity risks and threats faced by UBA Nasarawa.
3. To assess the effectiveness of UBA Nasarawa’s technical security measures and infrastructure.
4. To examine the level of cybersecurity awareness and training among UBA Nasarawa employees.

1.4       Research Questions

To achieve the stated objectives, the study will address the following research questions:

1. What are the existing cybersecurity policies and procedures in place at UBA Nasarawa?
2. What are the key cybersecurity risks and threats faced by UBA Nasarawa?
3. How effective are UBA Nasarawa’s technical security measures and infrastructure in mitigating cyber threats?
4. What is the level of cybersecurity awareness and training among UBA Nasarawa employees?

1.5       Significance of the Study

This study holds significant importance for multiple stakeholders, including financial institutions like UBA Nasarawa, regulatory bodies, policymakers, cybersecurity professionals, and customers. The following are the key aspects of its significance:

Contribution to Knowledge: The study contributes to the existing body of knowledge on cybersecurity in the Nigerian financial sector. By examining the cybersecurity preparedness of UBA Nasarawa, it provides valuable insights into the specific challenges and vulnerabilities faced by financial institutions operating in Nigeria.

Policy Implications: The findings and recommendations of this study can inform the development of policies and regulatory frameworks aimed at enhancing cybersecurity in the Nigerian financial sector. Regulatory bodies such as the Central Bank of Nigeria (CBN) and the National Information Technology Development Agency (NITDA) can use the insights from this study to refine existing guidelines and directives on cybersecurity for financial institutions.

Risk Management: Understanding the cybersecurity risks and threats faced by UBA Nasarawa enables the institution to implement targeted risk management strategies. By identifying vulnerabilities and gaps in its cybersecurity defenses, UBA Nasarawa can prioritize investments and initiatives to mitigate these risks effectively.

Customer Trust and Confidence: Strengthening cybersecurity measures at UBA Nasarawa enhances customer trust and confidence in the institution. Customers are increasingly concerned about the security of their financial information and transactions, and robust cybersecurity practices can reassure them of the safety and integrity of their data.

Competitive Advantage: Maintaining a strong cybersecurity posture can provide UBA Nasarawa with a competitive advantage in the market. As customers become more discerning about the security practices of financial institutions, UBA Nasarawa can differentiate itself by demonstrating a commitment to cybersecurity and data protection.

Economic Stability: Cybersecurity breaches in the financial sector can have far-reaching implications for economic stability. By assessing and improving its cybersecurity preparedness, UBA Nasarawa contributes to the overall resilience of the Nigerian financial system against cyber threats, thereby safeguarding economic stability and financial integrity.

Professional Development: The study provides an opportunity for cybersecurity professionals and researchers to gain insights into the cybersecurity challenges and best practices specific to the Nigerian financial sector. It serves as a platform for professional development and knowledge sharing in the field of cybersecurity.

1.6       Scope and Delimitation of the Study

This study will focus specifically on assessing the cybersecurity preparedness of UBA Nasarawa, a financial institution operating in Nigeria. The scope of the study will include an evaluation of cybersecurity policies, technical security measures, employee awareness, and training programs. The study will not delve into detailed technical assessments or proprietary information of UBA Nasarawa.

1.7       Operational Definition of Key Terms

Cybersecurity: For the purpose of this study, cybersecurity refers to the practice of protecting computer systems, networks, and data from unauthorized access, cyber attacks, and data breaches. It encompasses a range of security measures, including but not limited to, encryption, access control, intrusion detection, and incident response protocols.

Financial Institution: In the context of this study, a financial institution refers to an organization that provides financial services, such as banking, lending, investment management, and payment processing. Examples include commercial banks, credit unions, insurance companies, and investment firms.

UBA Nasarawa: UBA Nasarawa specifically denotes Union Bank of Nigeria Plc, Nasarawa Branch, which serves as the focal organization for this study. It is one of the branches of Union Bank of Nigeria Plc, a leading financial institution in Nigeria.

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