Challenges of Cyber Security Platforms in Nigeria: Empirical Analysis and the Way Forward

Abstract

Cyber security challenges have become prevalent in Nigerian banking system even as crude oil prices continue to fluctuate. The present platforms are unable to adequately meet up with the incessant occurrences of cyber threats. Sequel to this, the research identified performance indicators of the system under study and evaluated the performance for e-payment fraud controls. Field survey was carried out on the present platforms. Their performance was validated in relation to the identified performance indicators and Z-test served as the analytical tool. A null hypothesis was studied. From the analysis of hypothesis, the probability value (0.017) is less than the alpha value (0.05), the researcher therefore rejected the null hypothesis and concluded that the present security strategy has a significant challenge in providing security in e-payment transactions. The work is of the opinion that for Nigerian banking system to combat these security challenges, there is a need to integrate several competent cyber security platforms such as the integrated system using Layer 8 Human Identity Firewall, SHA-3 cryptographic algorithm, Intrusion Detection Prevention System coupled with a "honey pot” to provide a better security measure.