Cyber Security Ventures: An Assessment of Entrepreneurial Opportunities in Protecting Digital Assets in Nigeria
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Abstract
The cybersecurity industry is experiencing unprecedented growth due to increasing digitalization and rising cyber threats. This study investigates entrepreneurial opportunities and key success factors for cybersecurity startups in Nigeria, emphasizing innovation in protecting digital assets. Using a quantitative survey design, data was collected from 100 cybersecurity professionals, entrepreneurs, and investors to explore the dynamics of this fast-evolving sector. The findings highlight opportunities to leverage emerging technologies, such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT), to address challenges like cybercrime, data breaches, and IoT vulnerabilities. Significant barriers, including regulatory compliance, high capital requirements, and a shortage of skilled professionals, were identified. Key success factors include technological innovation, talent acquisition, and strategic partnerships. Collaboration with investors is crucial for overcoming challenges and fostering sustainable growth. The study provides actionable insights for entrepreneurs, investors, and policymakers to navigate the complexities of the cybersecurity market. It concludes that adaptability, innovation, and collaboration are critical for startups to thrive. Addressing market demands and mitigating challenges can position cybersecurity ventures to significantly enhance digital asset protection in an interconnected world.
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Bashir, Z. S., & Marcus Garvey Orji. (2025). Cyber Security Ventures: An Assessment of Entrepreneurial Opportunities in Protecting Digital Assets in Nigeria. Economit Journal: Scientific Journal of Accountancy, Management and Finance, 5(3), 139-154. https://doi.org/10.33258/economit.v5i3.1347
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References
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381. 10.1177/1548512915575803
Atoum, I., Otoom, A., & Ali, A. A. (2014). A holistic cyber security implementation framework. Information Management & Computer Security, 22(3), 251–264. 10.1108/IMCS-02-2013-0014
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Blockchain Technology for Data Privacy Management.
Burrell, D. N. (2020). An Exploration of the Cybersecurity Workforce Shortage. In Cyber Warfare and Terrorism (pp. 1072–1081). Concepts, Methodologies, Tools, and Applications. 10.4018/978-1-7998-2466-4.ch063
Canalys. (2023). Now and Next for the Cybersecurity Ecosystem. Retrieved from [Canalys](https://www.canalys.com).
CB Insights. (2023). Top reasons startups fail: A data-driven analysis. Retrieved from [https://www.cbinsights.com](https://www.cbinsights.com)
Chandna, V., & Tiwari, P. (2023). Cybersecurity and the new firm: Surviving online threats.
Cybersecurity Ventures. (2022). Cybersecurity Market Report. Retrieved from Deloitte. (2022). 2022 Cybersecurity Trends. Retrieved from
Frontiers Editorial Team. "Convergence of Blockchain, IoT, and AI."
Gartner. (2022). Cybersecurity innovation and market trends: Insights for startups. Retrieved from [https://www.gartner.com](https://www.gartner.com)
Goodyear, M., Goerdel, H. T., Portillo, S., & Williams, L. (2012). Cybersecurity Management In the States: The Emerging Role of Chief Information Security Officers. SSRN Electronic Journal. 10.2139/ ssrn.2187412 https://link.springer.com/content/pdf/10.1007/978-3-319-18302-2.pdf
Hurel, L. M., & Lobato, L. C. (2018). Unpacking cyber norms: Private companies as norm entrepreneurs. Journal of Cyber Policy, 3(1), 61–76. 10.1080/23738871.2018.1467942
Igure, V. M., Laughter, S. A., & Williams, R. D. (2006). Security issues in SCADA networks. Computers & Security, 25(7), 498–506. 10.1016/j.cose.2006.03.001
ISACA.
ISACA. (2023). An Executive View of Key Cybersecurity Trends and Challenges in 2023.
ISACA. (2023). Key Cybersecurity Trends and Challenges. Retrieved from [ISACA](https://www.isaca.org).
Lehto, M., & Neittaanmäki, P. (2015). Cyber security: Analytics, technology and automation.
Lilli, E. (2020). President Obama and US cyber security policy. Journal of Cyber Policy, 5(2), 265–284. 10.1080/23738871.2020.1778759
Lim, A. (2023). An Executive View of Key Cybersecurity Trends and Challenges in 2023.
Love Allen Chijioke Ahakonye, Cosmas Ifeanyi Nwakanma, and Dong-Seong Kim. "Tides of Blockchain in IoT Cybersecurity." Sensors 2024, 24(10), 3111.
McAfee Institute. (2023). Cybersecurity Trends 2023. Retrieved from [McAfee Institute](https://blog.mcafeeinstitute.com).
Naresh Adhikari and Mahalingam Ramkumar."IoT and Blockchain Integration: Applications, Opportunities, and Challenges." Network 2023, 3(1), 115-141.
NIST. (2014). Framework for Improving Critical Infrastructure Cybersecurity. National Institute of Standards and Technology.
Onboardbase. (2023). State of Startup Cybersecurity Report. Retrieved from [Onboardbase](https://www.onboardbase.com).
Orji, M .G, Olaniyi, B. K, Oladele, T.O, Mhirna, A (2022) Strategic Human Resource Management and Performance of Selected Deposit Money Banks in Abuja, Nigeria’ Britain International of Humanities and Social Sciences (BIoHS) Journal’ Vol. 4(1), PP: 1-12, DOI: https://doi.org/10.33258/biohs.v4i1.565 ; www.bircu-journal.com/index.php/biohs
Orji, M.G, Akhimien, E, Nweke, P.I, Muhammad, R (2021) Effects of Physical Working Condition on Effective Teaching and Learning in Public Secondary Schools of Bwari Area Council Abuja, Nigeria’ Budapest International Research and Critics in Linguistics and Education (BirLE) Journal Volume 4 (3) PP: 1118-1128) www.bircu-journal.com/index.php/birle
Orji. M. G (2022) The Influence of Marketing Research on the Profitability of Nigerian Deposit Money Banks in Abuja, Nigeria’ Economit Journal: Scientific Journal of Accountancy, Management and Finance ISSN: 2775-5827 (Online), 2775-5819 (Print) Vol. 2, No. 1, , Page: 19-30; https://doi.org/10.33258/economit.v2i1.608
Oyenuga, M.O, Orji, M. G, Ahungwa, A.I (2023) Do Consumers Care About Green Marketing Practices? Insight from a Developing Nation’ Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol (6) 3, PP: 1424-1436 e-ISSN: 2615-3076 (Online), p-ISSN: 2615-1715 (Print) www.bircu-journal.com/index.php/birci
Ponemon Institute. (2020). 2020 Cost of a Data Breach Report. Retrieved from (link unavailable)
Portna, O., Melikhov, A., Dragomirova, I., Noha, I., & Soichuk, R. (2019). Entrepreneurship model of cybernetic security professionals. Journal of Entrepreneurship Education, 22(5),22.PwC. (2023). Emerging trends in cybersecurity and the role of venture capital. Retrieved from [https://www.pwc.com](https://www.pwc.com)
Rahimi, N., et al. (2021). Blockchain Technology and Its Emerging Applications.
Rahimi, N., Roy, I., Gupta, B., Bhandari, P., & Debnath, N. C. (2021). Blockchain Technology and Its Emerging Applications. Blockchain Technology for Data Privacy Management, 133–157. https://doi.org/
Retrieved from [ISACA](https://www.isaca.org).
Rogers, E. M. (2003). Diffusion of innovations (5th ed.). Free Press.
Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217-226.
Springer.
StartUs Insights. (2023). Top 10 Cybersecurity Trends. Retrieved from [StartUs Insights](https://www.startus-insights.com).
The Journal of Business Strategy, 44(1), 3–12. 10.1108/JBS-08-2021-0146 Cisco. (2022). Cisco 2022 Cybersecurity Threat Trends. Retrieved from
World Economic Forum. (2023). Global Cybersecurity Outlook 2023. Retrieved from [World Economic Forum](https://www.weforum.org).
Yağdereli, E., Gemci, C., & Aktaş, A. Z. (2015). A study on cyber-security of autonomous and unmanned vehicles. Journal of Defense Modeling and Simulation, 12(4), 369–