TITLE:
Cybersecurity Risks in Digital Banking and Their Effect on Financial Performance of Nigerian Commercial Banks
AUTHORS:
Jimoh Balogun
KEYWORDS:
Cybersecurity Risk, Digital Banking, Financial Performance, Nigerian Commercial Banks, Panel Data Regression, ROA, ROE, CBN Cybersecurity Framework
JOURNAL NAME:
Open Access Library Journal,
Vol.13 No.10,
October
21,
2026
ABSTRACT: The rapid expansion of digital banking in sub-Saharan Africa has enlarged the attack surface available to cybercriminals targeting financial institutions. This study examines the nature, frequency and financial consequences of cybersecurity incidents at seven large Nigerian commercial banks over 2015-2023. It combines a documented-incident analysis, a pre/post comparison of bank performance and a fixed-effects panel regression. The regression indicates that a confirmed major cybersecurity incident is associated with a reduction in return on assets (ROA) of 0.547 percentage points (p