CYBERSECURITY AND PERFORMANCE OF INTERNET BANKING SERVICES IN COMMERCIAL BANKS IN NAIROBI CITY COUNTY, KENYA

Pamela Cherotich Samoei, Dr. Purity Gatobu

Abstract


The commercial banks globally and locally have adopted technology in carrying out banking transactions. Technology helps reduce the costs of administration and operation as well as increasing convenience in banking. However, even with the immense perceived benefits of the use of technology in banking, internet banking has been faced with challenges including fraud and loss of funds. The major challenge that comes with increased adoption of technology in the banking services is cybercrime. This study therefore aims at determining the impact of cybersecurity on the performance of internet banking services of commercial banks in Nairobi City County. The study adopted a descriptive research design with a census of a target population of 38 licensed commercial banks in Nairobi City County. The study used primary data that was collected using a structured questionnaire. The data was then analysed using the Statistical Software for Social Sciences (SPSS) and the results presented in the form of tables. The study concluded that application security is a significant determinant of the performance of internet banking services. IT governance is a significant determinant of the performance of internet banking services. The study recommends that the commercial banks ought to enhance the security of their mobile banking apps to protect customer information and funds from cyber attackers. This includes adding more person-specific security features that may include the use of fingerprints and 2FA codes. The commercial banks further ought to enhance IT governance that may be done by a professional and dedicated team to enhance the level of trust and customer satisfaction as well as competitiveness.

Key Words: Cybersecurity, Internet Banking Services, Commercial Banks, Application Security, IT Governance 


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References


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