Private Banks in Ethiopia Fall Short on Information Security Maturity

A recent study assessing the information security maturity level of private banks in Ethiopia has revealed that most institutions have yet to achieve a high level of security compliance.

The Study’s Findings

The study, which examined 14 areas of information security based on ISO 27001:2013, found that only three control objectives scored at level 3 (Defined), while the majority fell short at level 2 (Repeatable but Intuitive). The average allocated score for the sampled private banks reached a maturity level of 2.44, falling short of the expected level of 5 (Optimized).

Areas of Strength and Weakness

The study identified some areas where private banks in Ethiopia excel:

Physical and environmental security
Access control
Supplier relationships

However, it also highlighted areas for improvement:

Asset management
Cryptography
Compliance

Bank-by-Bank Analysis

A closer look at the individual banks revealed varying levels of maturity. Some notable findings include:

Bank A: Achieved high scores in asset management, physical and environmental security, and information security incident management, but scored low on information security policies, cryptography, and compliance.
Bank B: Excelled in physical and environmental security, supplier relationships, and information security incident management, but struggled with communications security, system acquisition, development, and maintenance, and compliance.

Document Analysis

The study also conducted a document analysis of the sampled private banks’ information security policies and protocols. Some key findings include:

All four banks had policies in place to protect against external and internal threats.
Only two banks were willing to share their guidelines.
Gaps were identified in the review and revision of information security policies, as well as inadequate procedures for handling security incidents.

Conclusion

The study’s findings suggest that private banks in Ethiopia need to improve their information security maturity levels to align with international standards. By addressing the identified gaps and weaknesses, these institutions can reduce the risk of cyber attacks and data breaches, and protect sensitive customer information.

Recommendations for Improvement

Regular review and revision of information security policies
Enhanced training for employees on information security threats and concerns
Improved incident management procedures

By prioritizing information security, private banks in Ethiopia can ensure the trust and confidence of their customers, while also protecting their own reputation and financial stability.