An appraisal of online banking system resilience on safeguarding data in banking: a case study of Citibank Nigeria
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Background of the Study
Online banking systems are the backbone of digital financial services, and their resilience is crucial for protecting customer data. Citibank Nigeria has made significant strides in enhancing its online banking system by implementing robust security protocols such as end-to-end encryption, multi-factor authentication, and continuous monitoring systems (Adeniyi, 2023). These measures are designed to create a resilient infrastructure capable of withstanding cyberattacks and data breaches, thereby safeguarding sensitive customer information. The bank’s approach also includes regular vulnerability assessments and system upgrades to address emerging threats in real time (Ikechukwu, 2024).
Recent research has emphasized that a resilient online banking system not only protects data but also enhances customer confidence and trust, which are critical for digital adoption (Chinwe, 2023). However, challenges remain in ensuring seamless integration between new security measures and existing legacy systems, and in keeping pace with the rapidly evolving threat landscape. This study aims to appraise the resilience of Citibank Nigeria’s online banking system by analyzing security incident reports, customer feedback, and system performance metrics. The goal is to determine whether current initiatives are effective in safeguarding data and to identify opportunities for further enhancement.
Statement of the Problem
Despite the implementation of advanced security measures, Citibank Nigeria continues to face challenges in fully safeguarding customer data due to the rapidly evolving nature of cyber threats. Integration issues between new security protocols and legacy systems sometimes result in vulnerabilities that can be exploited by cybercriminals (Emeka, 2023). Additionally, the frequency of security updates and the complexity of managing multiple security layers can lead to operational disruptions. Such challenges not only expose customer data to potential breaches but also affect customer confidence in online banking services. This study seeks to determine whether the current online banking system resilience is sufficient to protect data and to identify the technical and operational shortcomings that need to be addressed.
Objectives of the Study
• To appraise the resilience of Citibank Nigeria’s online banking system in safeguarding customer data.
• To identify technical and integration challenges affecting system resilience.
• To recommend strategies for enhancing data protection measures.
Research Questions
• How resilient is Citibank Nigeria’s online banking system in safeguarding data?
• What integration challenges compromise system security?
• How can security measures be improved to further protect customer data?
Research Hypotheses
• H1: Robust online banking security measures significantly reduce data breaches.
• H2: Integration challenges with legacy systems negatively impact system resilience.
• H3: Regular system updates and proactive monitoring enhance data protection.
Scope and Limitations of the Study
This study examines the online banking system resilience of Citibank Nigeria over the past three years, using security incident data, customer surveys, and expert interviews. Limitations include rapidly evolving cyber threats and potential biases in self-reported data.
Definitions of Terms
• Online Banking System Resilience: The ability of an online banking platform to withstand and recover from cyber threats.
• Data Safeguarding: Measures taken to protect sensitive customer information from unauthorized access.
• Legacy Systems: Outdated technological systems integrated with modern security measures.
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