Nexus between Banking Cybersecurity Breaches, Cyber Vulnerabilities, and Kidnap for Ransom in Nigeria
Hassan Abdulazeez, Sule Magaji · 2023
The increasing innovation and diffusion of technology, which has hitherto been identified with developed nations, has lately taken on a global dimension, accentuating the emergence of the cyberinfrastructure-based banking system. That is to say, connectivity between computers and telecoms and the need to secure them have become paramount, given the vulnerabilities inherent in the system. This chapter aims to identify the platforms of the cyberinfrastructure of the electronic banking system in Nigeria. The system was anchored, among other things, on the ease of doing banking business that the system facilitates; reduction in high cash circulation; and an intended concomitant effect of reducing crime, such as robberies and corruption. Literature on the subject matter will be reviewed, among others, less cash, less crime, Etc. To what extent the system has reduced, hindered, and or led to manifestations of other crimes are to be examined in the chapter. The chapter uses statistical crime data from the police and interviews with law enforcement agents and attempts a social survey to ascertain the typologies of crimes before the cyberbanking security-induced systems concerning the nature and extent of crimes after the introduction of the system. We used the simple percentage method, frequency analysis, and Likert scale. Our findings show a significant difference in electronic banking and the upsurge of kidnapping between Kaduna and Abuja. We recommend, among other strategies, that banks that use electronic banking platforms ensure their hardware and software are always serviceable and subjected to hackproof/integrity tests often, without which colossal amounts of depositors’ funds may continue to be lost.