CYBER SECURITY INVESTMENT AND FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Abstract
The financial sector is increasingly vulnerable to cyber threats, making robust cyber security measures a necessity to match today’s digital age. There are begging questions as to the nexus between cyber security and improved financial performance, which have continued to attract research interest. This study examined the relationship between investment in cyber security and financial performance of listed deposit money banks in Nigeria, with a view to investigating the effect of cyber security expenditure, personnel, and insurance on key financial metrics: Return on Investment (ROI), Asset Turnover Ratio (ATR) and Dividend Yield (DY). Ex-post facto design was adopted. Total enumeration sampling was used to generate data which consists of reports of 13 deposit money banks listed on Nigerian Exchange Group (NGX). Financial statements covering a period of 8 years (2017 – 2024) were gathered. Data were subjected to analysis using Statistical Package for social Sciences (SPSS). Cyber security investment had significant effect on ROI (Adj R2 = 0.4108, F (3, 88) = 7.38, P-value = 0.0255
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