An Assessment of Cybersecurity Challenges in Digital Real Estate Transactions in Niger State
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Background of the Study
The digitalization of real estate transactions has significantly transformed the property market globally, offering increased convenience, speed, and transparency. In Niger State, as in many other regions of Nigeria, the real estate sector has seen a growing trend toward online platforms for property transactions. These platforms facilitate a wide range of activities, including property listings, virtual tours, contract signing, and financial transactions. Digital transformation in real estate is expected to streamline processes, reduce costs, and attract a wider audience, thus contributing to the overall growth of the sector (Akpan et al., 2024). However, this shift towards digital transactions also introduces a range of cybersecurity challenges that could hinder the adoption of these platforms and compromise the security and privacy of users.
The increase in cybercrime, including hacking, fraud, and identity theft, presents significant risks to digital real estate transactions. Hackers can exploit vulnerabilities in online platforms, leading to financial losses and reputational damage. Furthermore, the lack of robust cybersecurity frameworks and the inadequate protection of personal and financial information create an environment that is conducive to cyber threats. In Niger State, where technological infrastructure may not be as advanced as in larger cities, the adoption of secure digital platforms for real estate transactions remains a critical issue.
Despite the benefits of digital real estate transactions, there is limited research on the specific cybersecurity challenges faced in this context in Niger State. Understanding these challenges is vital for improving the security of digital platforms and ensuring the safety of all parties involved. This study aims to assess the cybersecurity challenges in digital real estate transactions in Niger State, identify the key vulnerabilities, and propose solutions to mitigate these risks, fostering a safer digital real estate environment.
Statement of the Problem
As digital real estate transactions become more prevalent in Niger State, cybersecurity challenges have become a growing concern. Cybercrime, including data breaches, fraud, and hacking, poses significant risks to the integrity of online transactions, particularly in real estate. The lack of secure digital platforms and inadequate cybersecurity measures make users vulnerable to fraud and loss of sensitive data. Furthermore, the state’s relatively low level of technological infrastructure and cybersecurity awareness compounds the problem, preventing real estate businesses from fully capitalizing on the potential benefits of digital platforms.
Real estate transactions in Niger State require robust cybersecurity measures to safeguard personal, financial, and transactional data from malicious threats. However, there is limited research on the specific cybersecurity risks associated with digital real estate transactions in the region. The lack of understanding of these risks limits the development of effective policies and security frameworks, hindering the growth of the digital real estate market and creating a barrier to the widespread adoption of online platforms. This research will provide an in-depth assessment of the cybersecurity challenges in digital real estate transactions in Niger State and propose strategies to address these challenges.
Objectives of the Study
- To assess the cybersecurity challenges faced in digital real estate transactions in Niger State.
- To identify the key cybersecurity risks and vulnerabilities in digital real estate platforms in Niger State.
- To propose solutions for improving the cybersecurity of digital real estate transactions in Niger State.
Research Questions
- What are the cybersecurity challenges faced in digital real estate transactions in Niger State?
- What are the key vulnerabilities in digital real estate platforms in Niger State?
- What measures can be implemented to enhance the cybersecurity of digital real estate transactions in Niger State?
Research Hypotheses
Ho1: There is no significant relationship between cybersecurity challenges and the successful execution of digital real estate transactions in Niger State. Ho2: The level of cybersecurity awareness in Niger State does not significantly impact the safety of digital real estate transactions. Ho3: There are no significant differences in the cybersecurity measures adopted by real estate platforms in Niger State.
Scope and Limitations of the Study
This study will focus on digital real estate transactions in Niger State, particularly assessing the cybersecurity challenges faced by real estate developers, brokers, and buyers. The research will not include other forms of digital transactions outside the real estate sector, nor will it address cybersecurity in offline transactions. The study's findings may be limited by the availability of data on cybersecurity practices among real estate platforms and stakeholders in Niger State. Additionally, the study's scope is constrained by the region’s technological infrastructure, which may vary in terms of internet penetration and digital literacy.
Definitions of Terms
- Cybersecurity: The protection of computer systems, networks, and data from cyberattacks, unauthorized access, and damage.
- Digital Real Estate Transactions: The buying, selling, and leasing of property conducted through online platforms or digital means.
- Cybercrime: Criminal activities that involve the use of computers or networks to commit fraudulent or malicious acts.
