Cyber Security Auditing Framework (CSAF) For the Banking Sector in Nigeria
ABSTRACT
The rapid evolution of cyber security and technology stands as a crucial advantage for businesses today. Modern banking, in particular, has increasingly embraced Internet and computer technologies to facilitate their operations and market interactions. Banks are actively adopting cutting-edge technologies to enhance the efficiency and effectiveness of their service delivery. However, these advantages are not without their share of risks, including the potential for information misuse, service disruptions, and various forms of cyberattacks that can disrupt the normal functioning of computer-based systems. The global landscape has witnessed a significant surge in cyber threats and security breaches in recent years, and Nigeria is no exception to this trend. This study’s primary objective is to propose and develop a practical Cyber Security Auditing Framework (CSAF) tailored to the banking sector. To achieve this goal, the research first examines and compares existing cyber security frameworks and best practices. This investigation combines ISO audit checklists with insights from experts in the field to assess cyber security practices within the banking industry. Employing a mixed research methodology, this study evaluates the current practices, processes, and challenges pertaining to cyber security issues within selected banks, ultimately proposing a cyber security audit framework tailored to the Nigerian banking sector. This framework is built upon two fundamental pillars. The first pillar encompasses a mechanism for identifying requirements, further subdivided into an Entity Relation Model (ERM) and organizational and process models. The second pillar revolves around countermeasures, focusing on organizational policies, procedures, guidelines, and controls.
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