Cyberspace, Black-Hat Hacking and Economic Sustainability of Corporate Organizations in Cross-River State, Nigeria

Abstract

Globally, e-commerce offers unlimited opportunities for corporate organizations to flourish as its customers reside in all parts of the universe. However, given the fluid nature of the cyberspace, black-hat hackers have enormously taken undue advantages of such mobility to perpetrate numerous financial frauds against individuals and corporate organizations. The impact of their attacks on the economic sustainability of corporate organizations is of obvious policy relevance, but little is empirically known about it. This study examined the role cyberspace plays in aiding the criminal activities of black-hat hackers and the impact of such malicious attacks on the economic sustainability of corporate organizations in Cross River State, Nigeria. An exploratory cross-sectional survey research design that allows the triangulation of quantitative and qualitative methods was adopted. Questionnaires were distributed to 1,074 respondents purposively selected from 18 financial institutions, 4 telecommunication network providers, and 2 manufacturing companies, while an in-depth interview was conducted on 13 participants across the selected corporate organizations. The presentation of data was done using frequency distribution tables, charts and relevant narratives. Chi-square was used to test the hypothesis, and content analyzing was adopted to analyze the qualitative data. The study found that corporate organizations with previous hacking experience are more likely to perceive black-hat hacking as affecting the productivity of their organization. The study, therefore, recommends that corporate organizations should strengthen their firewalls; educate their staff on the dangers of visiting unsafe websites, and downloading unverified attachments or clicking on links in unfamiliar emails.