CYBERSECURITY IN THE FINANCIAL SECTOR: A COMPARATIVE ANALYSIS OF THE USA AND NIGERIA

Abstract

This paper provides a comprehensive review and comparative analysis of cybersecurity challenges and strategies within the financial sectors of the United States of America (USA) and Nigeria. It aims to elucidate the complexities and variances in cybersecurity practices, focusing on the different approaches taken by these nations to safeguard their financial data against increasing cyber threats. Through a detailed examination of existing literature, including academic journals, industry reports, and cybersecurity incident databases, this study identifies the unique and common cybersecurity vulnerabilities, regulatory environments, and defense mechanisms employed by the financial sectors in both countries. The review reveals that the USA's financial sector benefits from advanced cybersecurity technologies and a strong regulatory framework, yet faces challenges related to sophisticated cyber-attacks and the management of insider threats. Conversely, Nigeria's financial sector grapples with issues such as limited cybersecurity awareness, technological constraints, and evolving regulatory frameworks. Despite these disparities, both countries share the necessity of enhancing their cybersecurity posture to combat the evolving nature of cyber threats effectively. Conclusively, the paper argues that addressing cybersecurity in the financial sector necessitates a comprehensive approach that includes not only technological solutions but also the strengthening of regulatory policies, enhancement of cybersecurity awareness, and fostering international collaboration. The comparative analysis underscores the importance of adopting best practices from each country's experience, aiming to bolster the resilience of financial institutions against cyber threats in an increasingly interconnected world. Keywords: Cybersecurity, Financial Sector, United States, Nigeria, Digital Infrastructure, Technological Vulnerabilities, Regulatory Complexities, Human Factors, Advanced Detection, Prevention Technologies, Machine Learning, Anomaly Detection, Cybersecurity Frameworks, Awareness, Training, Culture, Public-Private Partnerships, Threat Intelligence, Best Practices, Innovation, Regulatory Foresight, Human Capital Development, Stability, Integrity, Collaboration