Effect of Cybersecurity on Digital Accounting of Listed Firms in Nigeria
1Omoniyi Jacob, ENIOLA(PhD), 2Omoniyi Alabi, ADEOSUN(PhD), 3Dr. Olukayode Babafemi, AJAJA(PhD)
1,2,3Department of Accounting, School of Management Sciences, College of Social & Management Sciences, Bamidele Olumilua University of Education, Science and Technology, Ikere- Ekiti, Ekiti – State.
https://doi.org/10.47191/jefms/v7-i12-22ABSTRACT:
Digital accounting offers numerous benefits in terms of efficiency and accuracy but it also presents significant cybersecurity challenges. The increasing sophistication of cyber threats necessitates a proactive and comprehensive approach to cybersecurity. This study investigated the effect of cybersecurity on digital accounting in Nigeria. The specific objectives are to: investigate the effect of firewalls on digital accounting of listed firms in Nigeria; determine how encryption affect digital accounting of listed firms in Nigeria; and examine the effect of multi-factor authentication (MFA) on digital accounting of listed firms in Nigeria. The chosen research design for this study is the survey research design. The population of the study comprises of 4,530 staffs and management in the accounting department, finance department and audit department of listed firms in Nigeria. The study adopted purposive sampling techniques and employed the Taro Yamane statistical formula to determine the sample of the study at 5% level of significant. The analysis indicated that none of the cybersecurity measures examined—firewalls, encryption, or MFA—demonstrated a statistically significant effect on the digital accounting practices of the firms studied. This lack of significance raises critical questions about the current state of cybersecurity practices within the Nigerian corporate environment. Based on the analysis results, the study recommended that it is crucial for listed firms in Nigeria to invest in comprehensive employee training and awareness programs as regards the subject matter. Organizations should develop and implement comprehensive cybersecurity strategies that encompass not only technological measures like firewalls, encryption, and multi-factor authentication but also organizational policies and procedures.
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