Cybersecurity and IT Governance Challenges in Nigeria: Strategic Investment Needs and the Path Forward for a Resilient Digital Economy
Year: 2024
Type: article
Abstract: This paper addresses Nigeria's critical cybersecurity challenges and the urgent need for strategic investment to safeguard its digital economy.Nigeria's rapid digital expansion faces a funding gap, estimated at $22 billion for African cybersecurity, with Nigerian businesses and institutions particularly vulnerable due to insufficient security measures.The problem is compounded by limited regulatory enforcement, inadequate IT governance, and a shortage of skilled cybersecurity professionals.This study employs a mixed-methods approach, analyzing academic literature, case studies, and reports on Nigeria's cybersecurity landscape.Results reveal that over 90% of African enterprises lack basic cybersecurity protocols, leaving them susceptible to attacks like phishing, ransomware, and hacking.In Nigeria, cyber incidents cause estimated annual losses of $500 million, impacting both economic and public trust.The findings indicate that investment in governance, skilled personnel, and emerging technologies is crucial for mitigating these risks.In conclusion, the paper advocates for the establishment of a national cybersecurity fund, strengthened regulatory frameworks, technology-driven security initiatives, capacity-building programs, and enhanced regional cooperation.By taking these steps, Nigeria can build a resilient digital economy, setting a security standard within Africa.Future efforts should focus on collaborative regional strategies and fostering local cybersecurity talent to sustain a secure, dynamic digital environment.
Author: Ferguson Ogene
Institution: Petroleum Training Institute
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4405847479