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The Role of Cyber security in a Digitalizing Economy: A Development Perspective

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  • Chinyere Iheoma Erondu

    (Department of Sociology, University of Port Harcourt, Choba, Rivers State, Nigeria)

  • Udochukwu Iheanacho Erondu

    (Department of Computer Science, Landmark University, Omu-Aran, Kwara State, Nigeria.)

Abstract

A transforming economy undergoes several transformations including digitalization. The 21st-century economy must be driven on the wheels of digital technologies that cannot be wished away. This requires protecting vital information in the digital space with an increasing number of actual cyber-attacks and cyber frauds. The economy remains the base of any society and determines its level of development, any form of compromise in this institution spells doom for its various organizations or arms. There is a need to protect vital information which is key to development in any sector. Therefore, the paper interrogates the importance of securing cyberspace, especially in developing economies. Some prevalent cybersecurity threats include; malware that attacks information systems, information theft, and fraud in cyberspace. It becomes imperative that companies, organizations, individuals, and governments envisage security threats to their vital information and that of their clients and customers; and be proactive in adopting security measures and policies that will ensure the integrity of their information systems and reduce the cost of systems’ compromise.

Suggested Citation

  • Chinyere Iheoma Erondu & Udochukwu Iheanacho Erondu, 2023. "The Role of Cyber security in a Digitalizing Economy: A Development Perspective," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(11), pages 1558-1570, November.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:11:p:1558-1570
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    References listed on IDEAS

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    1. Sampath Kumar Venkatachary & Jagdish Prasad & Ravi Samikannu, 2017. "Economic Impacts of Cyber Security in Energy Sector: A Review," International Journal of Energy Economics and Policy, Econjournals, vol. 7(5), pages 250-262.
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