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Cyber Security in the Nigerian Banking Sector: An Appraisal of Audit Committee Effectiveness

Ojeka, Stephen and Ben-Caleb, Egbide and Ekpe, Edara-Obong Inyang (2017) Cyber Security in the Nigerian Banking Sector: An Appraisal of Audit Committee Effectiveness. International Review of Management and Marketing, 7 (2). pp. 340-346. ISSN 2146-4405

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This study appraises the relationship that exists between cyber security and audit committee effectiveness using audit committee independence, audit committee technological expertise and audit committee financialexpertise characteristics as independent variables. The variable used to measure the dependent variable is cyber security compliance. 13 banks listed on the Nigerian stock exchange were selected. Empirical analysis was carried out using product moment correlation and ordinary least square regression analysis methods. The result showed that audit committee characteristics as measure by independence, financialexpertise and technological expertise all have non-significantnegative relationship to cyber security in the Nigerian banking sector. The implication is that, the audit committee as presently constituted in Nigeria would be unable to provide controls and oversight functions over cyber security in the banking sector which is the most sensitive sector in the economy. It was therefore recommended that the composition of the audit committee in Nigeria should be worked on to deliberately incorporate needed technological and financialexperts that can ask probing questions and offer their wealth of experience in safeguarding the shareholders wealth and lastly, the committee members should be seen to be independent

Item Type: Article
Uncontrolled Keywords: Audit Committee, Banking Sector, Cyber Security, Financial Expertise, Independence, Nigeria
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 26 Jun 2017 13:06
Last Modified: 26 Jun 2017 13:06

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