Evaluating the effect of technology risk on Nigeria Economy Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Evaluating the effect of technology risk on Nigeria Economy Case Solution

Research Objectives:

To understand the relationship between technology and the economic activities.
To gauge the relationship strength between the technological advancement and economic growth.
To investigate the relationship between technological risk and economic performance.
To highlight the key factors involved in the technological implementation in different sectors of the Nigerian economy.

Research Justification:

Technology has taken the strong hold of the global markets. It has penetrated in the different markets, changing the overall game and the scenario, leading to high economic activities and the ultimate performance.

However, such technological advancement has also raised some of the concerns such as issues associated with national security. Leakage of information and data from one boundary to another has also become eminent, thus developing the necessity for understanding the intensity of technological risk and its impact on the economies, leading to a clear understanding of the impost of technology and also developing the counter strategy to deal with the risk.

Research Limitation:
The time is limited to perform the particular research, since it posits the certain restrictions in performing the in-depth analysis of the given topic.
The limited tools and the understanding of the software at current level offers the basic results and summaries of the findings.
The Human resource to perform the research is limited along with the sample size.

2- Literature Review

Technology is driving the world towards a converging commonality. From the beginning, technology has been one of the major factors in the human development. It can be seen in the last 200 years that the technological changes have affected the economic growth leading to the increase in the production of new types of goods and services.

According to ( (Ajibola I. O., 2015)), the technological advancement has improved the machines leading to greater income generation. Moreover, according to ( (Arat, 1988)), IT is the modern handling of the information and the transfer of information that help in expediting the process and thus improving the overall system.

It has been found that the emergence of technology has helped the industry in the reduction of the cost of the operations such as, the expedited production, efficient operations and also the reduction of unnecessary production phases, thus improving the cost management structure. ( (Arowolo, 2010)),

According to ( (Boodhoo, 2009)), all these factors and improvement in the technology has allowed the industries to penetrate more in the given economy, increasing the economic cycle with improved trading, efficiency and growth. Also, it has improved the financial institutions by saving time and improving the services, education and the communication networks within the firms.

Apart from this, the improvement in IT has also enhanced the healthcare delivery leading to improved healthcare service making the economy to attract the FDI in terms of healthcare, resulting in the growth of the country.

Technology in Banking:

The Nigerians banks have started facing the increased demand for customer deposits, which has made the banks to improvise the service level through increased technological implementation in banking to offer a level of customer service.

According to ( (Chase-Dunn, 2000)), proximity is not the major concern of the customer to look for the task instead, they are looking for improved services and efficiency in money management especially in the real time. Such demand and improved economic activity along with globalization have integrated the global banking and financial systems through technology.

Hence an increasing rate has been found in the Nigerian banking sector. Moreover, according to ( (Ajibola, 2015)), the customers have initiated assorting the quality level of services in banking by the online presence and the number of features the bank offers to the client through online services.

It is suggested that ( (Chiemeke S. L., 2009)), banking now in Nigeria is offering high quality services using the improved technology, offering the users efficient delivery of services and sound secure transaction medium.

Globalization has been an accepted trend in the sub Saharan part of Africa. However, according to ( (Abanda, 2012)), it has been found, that the region has been slow in adapting the changes in the region due to its weak focus on the sales of the natural resources and other goods, ignoring the emergence of a new sector supported by the high advanced level of technology. The economic stability and growth have remained low in the region primarily due to the low diversification into other industry sectors leading to the low development and thus inculcation of technology into the system.

TECHNOLOGY AND INCEARSED CYBER CRIME:

The potential of each technology varies according to how it is used. According to ( (Baier, 2009)), there real different aspects in which the technology may be used can affect the industries, firms, and the economic government agencies leading to play a substantial role in the economic growth.

According to ( (Antonio, 2014)), the increased usage of technology to imprecise the safety protocols of the government agencies has amplified the impact of technology on the economic growth. However, it has raised issue of breaching of information because of the technological loopholes, which can be accessed by the third external party.

It has been noted that ( (Behar, 2013)), the increase in the usage of technology in the firms has allowed them to increase the production level and develop the competition, allowing the country and the region to increase tare and developing a global value proposition.

However, according to ( (Carpenter, 2011)), the high dependence of the firms on the technology has made the firms to compromise the intellectual property rights that can be accessed by the other players in another region, effecting the value proposition of the firm and thus effecting the overall economy.

In addition, the technological breaches in the government agencies and the huge market sector such as IT itself, posits the risk of dilution of the competitive edge. It is due to the fact, that competitors region such as China may produce the similar technology, product or service at lower cost, attracting the potential suppliers and players, resulting in the effects on the economic growth of the primary region, leading to losses.

According to ( (Dimelis, 2010)), cyber-space refers to the boundless space known as the internet, including the interrelated and interdependent network of the information system. Basically, cyber security is the collection of policies, tools, security, best practices and user assets.

Since technology creates the cyber space around, the cyber space ensures the protection of property rights and asset of the users and organization against the relevant risk of the security in the cyber space. Since the increased usage of technology and the incorporation of new models in the cyber space has increased the efficiency and transfer of knowledge; it has also increased the risks associated with it such as, the leakage of information and different technological modes used in different industries.

The highest threat of such lead factor has been found in the banking industry, in which the sensitive customer information such as credential and credit card passwords have been leaked, causing a strong damage to the banking industry and thus creating a domino effect on the overall economy. The similar cases have been found in multiple regions.

According to ( (Dincer, 2000)), the cyber security body has been framed in order to control the risks associated with the cyber space, perhaps, the increased usage and the multiple hands on the technology especially the emergence of silicone technology, has made it difficult to control the risk factors, leading to weak security logs. ( (Bennett, 2015)), Since, cyber space offers the backbone of the Information technology and sharing, Nigeria’s economy is highly dependent on the cyberspace, due to interdependent and critical networks that are related to each other..................

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