Cybersecurity and Business Survival in Nigeria: Building Customer's Trust
DOI:
https://doi.org/10.26437/ajar.v11i1.882Keywords:
Business survival. customer trust. cybersecurity. data protection. NigeriaAbstract
Purpose: This paper investigates the role of cybersecurity in ensuring business survival and fostering customer trust in Nigeria.
Design/Methodology/Approach: A qualitative documentary review approach was employed, analysing legislations, policies, standards, and regulations related to cybersecurity from 2000 to 2024, especially those instruments that impact business survival in Nigeria and beyond. The study utilised thematic and comparative analysis to extract insights and identify gaps in the existing frameworks.
Findings: The research reveals that while existing legal instruments on cybersecurity provide a foundational framework for protecting businesses, legislative, enforcement, compliance, and awareness gaps persist across the socioeconomic sphere, hence the continued losses from cyber threats and attacks. Businesses with robust cybersecurity practices were reported to enjoy higher customer trust and operational sustainability levels. However, weak compliance and inadequate awareness hinder the full potential of these measures.
Research Limitation: The study is limited to a thematic review of existing documents, which may not fully capture real-time business practices and challenges.
Practical Implication: Strengthened cybersecurity measures promote trust in digital transactions, reduce the risk of cybercrime, and ensure the continuity of businesses, contributing to economic stability and improved consumer confidence in Nigeria's digital economy.
Social Implication: The findings provide actionable recommendations for policymakers to enhance the effectiveness of cybersecurity legislation and for business leaders to adopt best practices in securing their operations and building trust.
Originality/Value: It contributes to existing knowledge by linking robust cybersecurity practices with enhanced customer trust and operational sustainability.
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