Security Risk Analysis and Management in Electronic Payment Switching System in Nigeria, eTranzact International Plc. as a Case Study

Abstract

Security and risk management remain the major challenges of electronic transaction globally. The frequency of usage of at least one of the means of electronic payment system posses a continuous security risk and challenges which may arise as loss of identity in the course of transaction. Loss of any form of payment identity could result into a huge amount of financial loss. Continuous analysis and improving the existing security measures is one of the most effective ways of finding an effective solution to these security risks and challenges being faced in electronic payment and switching industries worldwide. This paper has carefully selected eTranzact International Plc., one of the major payment gateways in Nigeria and x-rayed its components, for the purpose of analysing them and come up with actionable responses to any security risk that may arise. This paper work has extensively reviewed related literature of on the assessment of security risks, related vulnerabilities and management of associated risks with electronic payment system in general. An elaborate questionnaire was designed, administered on the electronic payment system users and carefully analysed. A total of 88 respondents that cut across private, public, informal sectors and students took part in the research. Their responses were therefore analysed using Descriptive statistics to determine strategies that can be adopted in managing security risks that may occur in the process.