The impact of cyber-attacks on Nigerian banks and strategies for mitigation

Okonkwo, Chinonso Joseph and Okonkwor, Obumneme Solomon (2025) The impact of cyber-attacks on Nigerian banks and strategies for mitigation. International Journal of Science and Research Archive, 15 (2). pp. 758-761. ISSN 2582-8185

The Nigerian banking sector has witnessed a substantial surge in cyber-attacks, causing notable financial losses, operational disruptions, and reputational damage. As banks adopt digital platforms to enhance service delivery and financial inclusion, they have increasingly become targets of sophisticated cyber threats such as phishing, malware, business email compromise, and insider fraud. Drawing on authoritative data from the Financial Institutions Training Centre (FITC), Nigeria Inter-Bank Settlement System (NIBSS), and the Central Bank of Nigeria (CBN), this study critically examines the nature and consequences of cyber-attacks on Nigerian banks. It further evaluates regulatory interventions and institutional strategies aimed at mitigating these threats. Findings underscore the urgency for investment in robust cybersecurity infrastructure, regulatory compliance, and multi-stakeholder collaboration to ensure the integrity and resilience of the Nigerian financial ecosystem