Hexagon Model and Cyber Security Threat in the Listed Commercial Banks in Nigeria

The study examined the effect of hexagon model on cyber security threat in listed commercial banks in Nigeria. The specific objective was to ascertain the extent to which pressure and opportunity affect cyberfraud in commercial banks in Nigeria. The population comprised 43,583 employees of the listed commercial banks in Nigeria with international authorization; Access Bank, Fidelity Bank, FCMB, First Bank, GTB, UBA and Zenith Bank. Using Taro Yamane’s formula, a sample size of 396 respondents was determined and selected through stratified sampling to ensure proportional representation. Data were collected using a structured, Likert-scale questionnaire distributed electronically. Data analysis was conducted using both descriptive statistics and inferential methods, including Pearson’s correlation and multiple regression analysis, to explore the predictive strength between the Hexagon Model variables and cybersecurity threats at 5% significance level. The findings revealed that: pressure has a positive and significant effect on cyberfraud in the listed commercial banks in Nigeria (β = 0.182, p = 0.000); opportunity positively and significantly affects cyberfraud in the listed commercial banks in Nigeria (β = 0.173, p = 0.000). The study recommends that internal auditors and cybersecurity teams must conduct frequent risk assessments and tighten internal controls, especially those related to access to sensitive financial systems and customer data. Implementing strict role-based access control and continuous monitoring can minimize the opportunities for internal actors to exploit system loopholes or bypass procedures to commit cyberfraud.