Information Security and Financial Institutions’ Survival in Nigeria: Implications for National Development

Abstract

The aim of this study is to empirically examine the relationship between information security and financial institutions’ survival in Nigeria. The study adopted a survey research method with a sample size of 100 staff from the 10 statistically selected financial institutions in Nigeria and data was analyzed using Kendall tau_b Correlation Coefficient with aid of SPSS version 21.0. Amongst the findings are that there was a very strong positive and significant relationship between system integrity. The paper concludes that information security is a veritable key to survive in the competitive financial service industry as customers seem to be more concerned about the availability and integrity of their personal data. Finally, amongst the recommendations are that the adoption of secure socket layer (SSL) and firewalls should be used to protect transmission of information via electronic networks in order to ensure effective online security for national development.