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Internal Control Weaknesses and Cybersecurity Breach Frequency in Listed Deposit Money Banks in Nigeria

Nweke Ijeoma Veronica, Ekpeh Uju Chinelo,

Abstract

This study empirically investigated the relationship between internal control weaknesses and cybersecurity breach frequency in listed deposit money banks in Nigeria. Thus, a hypothesis was formulated to guide the investigation and the statistical test of parameter estimates was conducted using least squares regression model operated with E-Views.12. Survey design was adopted and data for the study was obtained through the use of e-questionnaire survey sent to the various Staff WhatsApp Group Platform of the selected listed deposit money banks operative in Awka, Anambra State Nigeria. The results of the study therefore revealed that there is significant and positive association between internal control weakness and cybersecurity breach frequency at 1% level of significance. Based on this, the study concludes that weak internal control system leads to cybersecurity breach frequency in listed deposit money banks in Nigeria. In lieu of the findings of the study, the study recommends for a structured approach focusing on people, processes, and technology, with a strong commitment from management to create a culture of compliance, segregating duties, implementing automated controls, conducting regular audits, and fostering a tone at the top that prioritizes ethical behavior Keyword: Internal Control Weakness; Cybersecurity; Cybersecurity Breach Frequency

References

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