An Evaluation of the Effectiveness of Cybersecurity Policies in Preventing Data Breaches: A Case Study of Fintech Firms in Niger State
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Background of the Study
The rapid digital transformation in financial services has heightened the importance of cybersecurity, especially for fintech firms that operate at the intersection of technology and finance. As fintech organizations handle sensitive customer data, they are increasingly targeted by cybercriminals. According to Adeyemi and Yusuf (2024), the financial technology sector faces unique cybersecurity challenges, such as sophisticated phishing schemes, ransomware, and insider threats.
In Niger State, the growing adoption of fintech platforms for financial transactions underscores the need for robust cybersecurity policies. Data breaches not only compromise customer trust but also result in financial losses and reputational damage. Despite the implementation of various cybersecurity measures, there is limited research on the effectiveness of these policies in preventing data breaches within the Nigerian fintech ecosystem (Eze & Adamu, 2025). This study aims to evaluate the impact of cybersecurity policies on data breach prevention in fintech firms operating in Niger State.
Statement of the Problem
Although cybersecurity policies are essential for safeguarding sensitive information, many fintech firms in Niger State face challenges in their implementation and enforcement. Issues such as limited awareness, inadequate investment in security infrastructure, and evolving cyber threats often undermine the effectiveness of these policies. Consequently, data breaches continue to occur, posing significant risks to both customers and organizations.
Objectives of the Study
- To assess the effectiveness of cybersecurity policies in preventing data breaches in fintech firms in Niger State.
- To identify the challenges fintech firms face in implementing cybersecurity policies.
- To evaluate the impact of cybersecurity policies on customer trust and organizational resilience.
Research Questions
- How effective are cybersecurity policies in preventing data breaches in fintech firms in Niger State?
- What challenges do fintech firms face in implementing cybersecurity policies?
- What impact do cybersecurity policies have on customer trust and organizational resilience?
Research Hypotheses
- Cybersecurity policies do not significantly prevent data breaches in fintech firms in Niger State.
- Challenges in implementing cybersecurity policies do not significantly affect their effectiveness.
- Cybersecurity policies do not significantly influence customer trust and organizational resilience.
Scope and Limitations of the Study
This study focuses on fintech firms in Niger State and evaluates their cybersecurity policies from 2023 to 2025. Limitations include variability in firms' policy maturity and the potential reluctance of firms to disclose security vulnerabilities.
Definitions of Terms
Cybersecurity Policies: Guidelines and practices aimed at protecting information systems from cyber threats.
Data Breaches: Unauthorized access or exposure of sensitive information.
Organizational Resilience: The ability of an organization to recover from disruptions and maintain operations.
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