Cybersecurity Threats in Cloud Accounting: A Case Study of Microfinance Banks in Anambra State Using NAMBUIT Banking Software

This study investigates the effect of cybersecurity threats on the operational efficiency and regulatory compliance of microfinance banks (MFBs) in Anambra State, Nigeria, with a particular focus on MFBs that use the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) cloud accounting platform. As cloud accounting becomes increasingly vital for MFBs due to its benefits, such as real-time data access and reduced IT costs, it also brings heightened cybersecurity risks that can disrupt daily operations and erode customer trust. Through a combination of quantitative analysis and literature review, the study reveals that while current cybersecurity measures provide some level of protection, they are not sufficient to fully mitigate the threats faced by these institutions. The research underscores the need for more robust cybersecurity frameworks, continuous employee training, and stronger regulatory compliance to safeguard the financial operations of MFBs. The findings suggest that balancing the adoption of innovative cloud technologies with enhanced cybersecurity practices is essential for the sustained growth and security of the microfinance sector in Nigeria. Recommendations for improving cybersecurity measures and ensuring better alignment with regulatory standards are provided.