Examining The Relationship Between IoT Device Authentication Protocols and Data Security in Nigerian Banks

Aburuotu, Emmanuel  Chinwendu; Evaristus Chibuzor  Nwoke; Eva Nwereka  Obinna

Authors

Aburuotu, Emmanuel Chinwendu Department of Computer Science, Faculty of Natural and Applied Sciences, Ignatius Ajuru University of Education, Port Harcourt, Rivers State, Nigeria
Evaristus Chibuzor Nwoke Department of Computer Science, Faculty of Science and Computing, University of Agriculture and Environmental Sciences, Umuagwo, Imo State, Nigeria
Eva Nwereka Obinna Department of Computer Science, Faculty of Natural and Applied Sciences, Ignatius Ajuru University of Education, Port Harcourt, Rivers State, Nigeria

Keywords:

Internet of Things, Authentication Protocols, Data Security, Banking Systems, Cybersecurity, Nigeria

Abstract

This study examines the relationship between IoT device authentication protocols and data security in Nigerian banks. The increasing integration of Internet of Things (IoT) technologies in banking operations has improved service delivery but has also introduced significant cybersecurity challenges, particularly in relation to device authentication and protection of sensitive financial data. The study adopted a correlational survey research design and was conducted within the banking sector in Nigeria. The population comprised IT personnel, cybersecurity experts, and digital banking staff, from which a sample of 367 respondents was determined using the Taro Yamane formula. Data were collected using a structured questionnaire and analyzed using mean, standard deviation, and Pearson Product-Moment Correlation Coefficient. The findings revealed that IoT device authentication protocols such as multi-factor authentication, biometric systems, and cryptographic mechanisms are widely adopted in Nigerian banks. The study also found that the level of data security in IoT-enabled banking systems is relatively high, although concerns about data breaches persist. Furthermore, the results indicated a strong and statistically significant relationship between IoT authentication protocols and data security (r = 0.642, p < 0.05), suggesting that improvements in authentication mechanisms significantly enhance data protection. The study concludes that effective authentication protocols are critical to ensuring data security in IoT-driven banking environments. It recommends the strengthening of authentication systems, regular updates of security protocols, and stricter regulatory oversight by institutions such as the Central Bank of Nigeria to enhance cybersecurity resilience in Nigerian banks.

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