A Review of IT Security Policies and Their Impact on Compliance: A Case Study of Fintech Firms in Nasarawa State
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Background of the Study
In the fintech industry, compliance with regulatory requirements is critical to maintaining customer trust and operational integrity. IT security policies provide a framework for protecting sensitive data, ensuring regulatory adherence, and mitigating risks (Adebayo & Ahmed, 2023).
Fintech firms in Nasarawa State are increasingly adopting IT security policies to address the rising threats of data breaches and cyberattacks. However, the effectiveness of these policies in driving compliance remains unclear, necessitating an empirical review.
Statement of the Problem
Despite implementing IT security policies, fintech firms in Nasarawa State continue to face compliance challenges, such as limited enforcement, inadequate employee training, and evolving regulatory demands. These issues threaten operational efficiency and legal standing.
This study explores the impact of IT security policies on compliance, identifying gaps and providing recommendations for improvement.
Objectives of the Study
1. To evaluate the implementation of IT security policies in fintech firms in Nasarawa State.
2. To assess the impact of IT security policies on compliance with regulatory requirements.
3. To identify gaps in IT security policy enforcement and propose solutions.
Research Questions
1. How are IT security policies implemented in fintech firms in Nasarawa State?
2. What is the impact of IT security policies on compliance with regulatory requirements?
3. What gaps exist in IT security policy enforcement?
Research Hypotheses
1. IT security policies are not effectively implemented in fintech firms in Nasarawa State.
2. IT security policies do not significantly impact compliance with regulatory requirements.
3. Gaps in IT security policy enforcement have no significant impact on compliance.
Scope and Limitations of the Study
The study focuses on fintech firms in Nasarawa State, examining the implementation and impact of IT security policies. Limitations include variations in policy maturity across firms and evolving regulatory landscapes.
Definitions of Terms
• IT Security Policies: Guidelines and procedures designed to protect information systems and ensure compliance with legal and regulatory requirements.
• Compliance: Adherence to laws, regulations, and industry standards governing business operations.
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