Impact of Cyber Risk Management Framework on Fraud Prevention in Nigerian Banks: A Theoretical Review

Bassey; Bassey Ubi

doi:10.56201/ijbfr.vol.12.no9.2026.pg30.39

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Impact of Cyber Risk Management Framework on Fraud Prevention in Nigerian Banks: A Theoretical Review

Bassey, Bassey Ubi

Abstract

The study examined the impact of cyber risk management framework on fraud prevention in Nigerian banks. A cyber risk management framework provides banks with a structured approach for identifying, assessing, monitoring, mitigating, and responding to cyber threats. In the Nigerian banking environment, the effectiveness of these mechanisms is particularly important because the increasing sophistication of cybercriminals has made traditional fraud controls alone insufficient. It encompasses practices such as cybersecurity governance, risk assessment, access control, continuous monitoring, incident response, and recovery. The study recommended that Nigerian banks should strengthen their cyber risk identification mechanisms by conducting regular vulnerability assessments, threat identification, system audits, and cybersecurity reviews. This will enable banks to identify potential points of fraudulent exploitation early and take preventive measures before cyber threats result in financial losses. Banks should institutionalise regular and comprehensive cyber risk assessments across their digital banking platforms, payment systems, information assets, and third-party service providers. Identified high-risk areas should be prioritised for immediate corrective action to reduce opportunities for cyber-enabled fraud.

Keywords

Cyber risk managementfraud preventioncyber threatscybersecurity governance

References

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Impact of Cyber Risk Management Framework on Fraud Prevention in Nigerian Banks: A Theoretical Review

Abstract

Keywords

References

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