FIGURE 1 - available via license: Creative Commons Attribution-ShareAlike 4.0 International
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There is free flow of information in the cyberspace and as a result, nations are obviously wary of the integrity of its data as part of both public safety and national security concerns. There are ways that the associated risk could be mitigated and mostly has to do with a proper development and implementation of Cyber security policies and strateg...
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Citations
... In line with this, Ikuero (2022) detailed the Nigerian government's establishment of a national Computer Emergency Response Team (CERT), Sectoral Computer Security Incident Response Teams (CSIRTs), and the formulation of the National Cybersecurity Policy and Strategy (NCPS) through the Office of the National Security Adviser (ONSA), aiming to enhance cybersecurity coordination within the country. Despite these efforts, Nte, Enoke, and Teru (2022) identified weaknesses in Nigeria's cyber laws and policies, noting the national documents, while comprehensive in some areas, failed to address all aspects of cyber security concerns. The banking sector, as a critical component of Nigeria's economy, has adopted key strategies to bolster cybersecurity defenses against escalating cyber threats. ...
This paper provides a comprehensive review and comparative analysis of cybersecurity challenges and strategies within the financial sectors of the United States of America (USA) and Nigeria. It aims to elucidate the complexities and variances in cybersecurity practices, focusing on the different approaches taken by these nations to safeguard their financial data against increasing cyber threats. Through a detailed examination of existing literature, including academic journals, industry reports, and cybersecurity incident databases, this study identifies the unique and common cybersecurity vulnerabilities, regulatory environments, and defense mechanisms employed by the financial sectors in both countries. The review reveals that the USA's financial sector benefits from advanced cybersecurity technologies and a strong regulatory framework, yet faces challenges related to sophisticated cyber-attacks and the management of insider threats. Conversely, Nigeria's financial sector grapples with issues such as limited cybersecurity awareness, technological constraints, and evolving regulatory frameworks. Despite these disparities, both countries share the necessity of enhancing their cybersecurity posture to combat the evolving nature of cyber threats effectively. Conclusively, the paper argues that addressing cybersecurity in the financial sector necessitates a comprehensive approach that includes not only technological solutions but also the strengthening of regulatory policies, enhancement of cybersecurity awareness, and fostering international collaboration. The comparative analysis underscores the importance of adopting best practices from each country's experience, aiming to bolster the resilience of financial institutions against cyber threats in an increasingly interconnected world. Keywords: Cybersecurity, Financial Sector, United States, Nigeria, Digital Infrastructure, Technological Vulnerabilities, Regulatory Complexities, Human Factors, Advanced Detection, Prevention Technologies, Machine Learning, Anomaly Detection, Cybersecurity Frameworks, Awareness, Training, Culture, Public-Private Partnerships, Threat Intelligence, Best Practices, Innovation, Regulatory Foresight, Human Capital Development, Stability, Integrity, Collaboration
