Big Data Analytics, Cybersecurity Infrastructure, and User Awareness on Cybersecurity Incidents in Nigeria’s Fintech Sector
Abstract
The proliferation of Financial Technology (FinTech) in Nigeria has revolutionized the delivery of financial services but has also introduced significant cybersecurity risks. This study investigates the impact of big data analytics capability, cybersecurity infrastructure, and user awareness on cybersecurity breach incidents within Nigeria’s FinTech sector. Adopting a quantitative, ex-post facto research design, the study utilizes secondary data collected from regulatory bodies, industry reports, and the financial disclosures of major Nigerian FinTech firms between 2020 and 2024. Descriptive analysis revealed a persistently high rate of cyber breach incidents, despite moderate investments in technological security measures. Pearson correlation results showed significant negative relationships between the independent variables and cybersecurity breach incidents. Multiple regression analysis confirmed that big data analytics, cybersecurity infrastructure, and user awareness all have statistically significant negative effects on breach frequency, jointly explaining approximately 51% of the variation in cybersecurity incidents across firms. The study concludes that a holistic approach—combining advanced analytics, secure infrastructure, and user-centered cybersecurity education—is essential to safeguarding Nigeria’s digital finance platforms. The findings have important implications for FinTech operators, regulators, and policymakers aiming to strengthen cybersecurity resilience in the digital economy.
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