Regulatory, Technological, and Organizational Determinants of Cybersecurity–ERM Integration: A Context-Aware Framework for Nigeria’s Financial Industry

Abstract

The digitization of financial services has been gaining momentum which results in higher cyber risk to organizations that now require cybersecurity measures to protect their enterprise risk management systems which is essential for their operations in Nigeria and other emerging markets. The banking industry and fintech companies and microfinance institutions face increasing security risks because their digital systems expand while cyber threats keep developing and regulatory agencies demand stricter compliance standards. The organization wide risk governance of enterprises fails to achieve proper cybersecurity integration despite their implementation of ERM frameworks because the implementation lacks proper contextualization and organizational framework. The research investigates how regulatory requirements and technological advancements and organizational structures affect cybersecurity integration into enterprise risk management within the Nigerian banking sector. The study uses a qualitative approach that combines Technology–Organization–Environment (TOE) framework elements and institutional theory by reviewing existing literature and regulatory frameworks. The findings as presented through example insights demonstrate that regulatory compliance with CBN cybersecurity framework and NDPR regulation functions as the main factor driving organizations to implement cybersecurity measures while their technological capabilities and organizational strengths determine their degree of implementation. The established framework demonstrates how external regulatory requirements interact with organizations which possess both internal capabilities and technological resources. The research introduces a new theoretical framework that researchers can test through their empirical work to support their developing economy research.