EFFECT OF CYBER SECURITY ON GROWTH OF INSURANCE INDUSTRY IN NIGERIA, 2009-2024
Abstract
The aim of study was to examine the effect of cyber security on growth of insurance industry in Nigeria. Specific objectives were to: examine the effect of web-pay-code programs on gross premium income of insurance industry in Nigeria and investigate the effect of mobile pay code on gross premium of insurance industry in Nigeria. Ex post facto research design was adopted. Study used time series data (2009-2024) within the periods under review, which was obtained from Central Bank of Nigeria (CBN) statistical bulletin. Ordinary least square (OLS) regression model was used to test formulated hypotheses. The findings revealed web-pay code had a positive and significant effect on growth of insurance industry proxied by gross premium income in Nigeria (coff =0.088429, pv<0.05) and mobile pay code had a positive and significant effect on the growth of insurance business proxied by gross premium income in Nigeria (coff=0.112788, pv<0.05). In light of the findings, the study concluded that cyber security had positive and significant effect on growth of insurance industry in Nigeria. Based on the findings, the following recommendations were made, Nigerian businesses invest in robust cyber insurance policies to mitigate risks and safeguard profitability through introduction of web-pay code programs. Additionally, businesses should strengthen their cyber security measures and regularly review risk management on mobile pay code frameworks to enhance resilience against cyber threats
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Cyber, Growth, Industry, Insurance, SecurityDownloads
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Copyright (c) 2025 Okparaka, Vincent Chukwuka (Ph.D.), Udeji, Banabas Uchenna , Sir Henry Ofordile (Ph.D. Fcna, Acit, Ficpan, Frcn, Trcn)
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