Analysis of Emerging Cybersecurity Threats in Nigeria’s Financial Sector: Trends, Impacts, and Mitigation Strategies

This research delves into the changing realm of cybersecurity risks, within the financial industry of Nigeria by analysing patterns of cyber threats and how they affect financial institutions. By utilising a blend of data analysis from documented cyber incidents and personal insights gathered from professionals in the field, the study uncovers weaknesses and new dangers on the horizon. The results indicate an uptick in cyber assaults; ransomware attacks, phishing schemes, and internal risks are now key focal points of apprehension within this sector. The research introduces an approach to bolster cybersecurity practises within the industry by highlighting the importance of strong technological systems and employee training and fostering collaboration across the industry landscape. It contributes knowledge to the expanding realm of literature on cybersecurity in developing nations and offers actionable guidance for officials and financial institutions in Nigeria.