Security Risk Analysis and Management in Banking Sector: A Case Study of a Selected Commercial Bank in Nigeria

Full Text (PDF, 698KB), PP.35-43

Views: 0 Downloads: 0


Noah N. Gana 1,* Shafii M. Abdulhamid 1 Joseph A. Ojeniyi 1

1. Department of Cyber Security Science, Federal University of Technology Minna, Nigeria

* Corresponding author.


Received: 27 Oct. 2018 / Revised: 20 Nov. 2018 / Accepted: 14 Dec. 2018 / Published: 8 Mar. 2019

Index Terms

ATM Card, Risk, Risk Management, Risk Assessment


In this paper research was carried out in order to evaluate the security risk analysis and management in banking company through the use of a questionnaire to determine the level of risk that customer of the financial institution is likely to encounter. It was discovered that though the majority of financial institution users are familiar with the possible risk associated with some banking transaction, some aspect still exists that financial institution users are not familiar with which serves as a vulnerable point that could be exploited. The study makes a recommendation for proper enlightenment of financial institution users so as to stay abreast with possible security challenge associated with some banking transaction processes to be able to mitigate possible exploit.

Cite This Paper

Noah N. Gana, Shafi’i M. Abdulhamid, Joseph A. Ojeniyi, "Security Risk Analysis and Management in Banking Sector: A Case Study of a Selected Commercial Bank in Nigeria", International Journal of Information Engineering and Electronic Business(IJIEEB), Vol.11, No.2, pp. 35-43, 2019. DOI:10.5815/ijieeb.2019.02.05


[1]Ambhire, V. R., & Teltumde, P. S. (2011). Information Security in Banking and Financial Industry, 14(October), 101–105.
[2]Dugguh, S. I., Ph, D., & Diggi, J. (2015). Risk Management Strategies in Financial Institutions in Nigeria : the Experience of Commercial Banks, 2(6), 66–73.
[3]He, W., Tian, X., & Shen, J. (2015). Examining Security Risks of Mobile Banking Applications through Blog Mining In MAICS,( pp. 103-108).
[4]Kanchu, T., & Kumar, M. M. (2013). RISK MANAGEMENT IN BANKING SECTOR -AN EMPIRICAL STUDY, 2(2), 145–153.
[5]Mishra, S. K. (2015). Banking sector : emerging challenges and opportunities. In International Conference on Issues in Emerging Economies (ICIEE), 29-30th January 2015 17 (Vol. 5, pp. 29–30).
[6]Munir, U., & Manarvi, I. (2010). Information Security Risk Assessment for Banking Sector-A Case study of Pakistani Banks. Global Journal of Computer Science and Technology, 10(February), 44.
[7]Odhiambo, C., Jowi, N., & Abade, E. (2016). Evaluation of Information Security Risk Assessment for Internet Banking Among Commercial Banks in Kenya __ Science Publishing Group, 5(3), 51–59.
[8]Sarma, G., & Singh, P. K. (2010). Internet Banking : Risk Analysis and Applicability of Biometric Technology for Authentication. International Journal of Pure and Applied Sciences and Technology, 1(2), 67–78.
[9]Sheikh, B. A. (2015). Internet Banking, Security Models and Weakness. International Journal of Research in Management & Business Studies (IJRMBS 2015), 2(4).
[10]Zahoor, Z. (2016). Challenges in Privacy and Security in Banking Sector and Related Countermeasures. International Journal of Computer Applications, 144(3), 24–35.