Abstract
This study investigated the impact of cybersecurity incidents on Nigeria's economic growth, focusing on the banking sector from 2002 to 2022.The study examined the impact of automated teller machine fraud (ATMF) and web-based fraud (WBF) on Nigeria's Gross Domestic Product (GDP), addressing key research questions about how these types of fraud influence the GDP. Utilizing an ex-post facto research design and time series data analysis, the research study analyzed data sourced from the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN). The descriptive statistics revealed positive and high values for both measures of cybersecurity incidents and economic growth, indicating the critical nature of cybersecurity issues for Nigerian banks. The findings show that ATM fraud and web-based fraud experience significant levels of variation, suggesting notable volatility; however, there is no statistically significant effect of these fraud types on Real GDP. This implies that, despite their volatility, ATMF and WBF do not significantly influence broader economic measures owing to the mitigating mechanisms present in the Nigerian economy. The study underscores the resilience of the Nigerian economy against certain cybersecurity threats, while emphasizing the necessity for targeted measures against specific fraud types that pose significant risks to economic stability. To address these concerns, the study recommends enhancing security measures for fraudulent transfers, developing comprehensive cybersecurity training programs, Innovations Innovations, Number 79 December 2024 574 www.journal-innovations.com implementing robust regulatory frameworks, investing in advanced cybersecurity technologies, and promoting collaboration within the industry.