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Maturity Level Assessment Reveals Room for Improvement in Private Banks’ Information Security Practices

Defined

A recent assessment of the maturity level of information security among private banks in Ethiopia has revealed that none of the four sampled institutions have achieved a score above 3.50, with most falling short of even the “repeatable but intuitive” threshold.

The study, which used the ISO 27001:2013 framework as its assessment criteria, found that all 14 areas examined had scores below three, indicating a lack of maturity in information security practices among the sampled banks.

Key Findings

• None of the sampled banks achieved a score above 3.50 in the maturity level assessment.
• Most areas assessed had scores below three, indicating a lack of maturity in information security practices.
• Only three out of 18 security control areas showed any improvement.
• The majority of areas fell short of even basic standards.

Gap Analysis

A gap analysis conducted as part of the study revealed that there is still a significant gap between the current and expected level of information security maturity among private banks in Ethiopia. The findings suggest that more needs to be done to bridge this gap and bring institutions up to par with international best practices.

Recommendations

Based on the study’s findings, it is recommended that private banking institutions prioritize information security as a critical component of their overall risk management strategy. This can be achieved by:

• Conducting regular maturity level assessments
• Implementing robust information security policies and protocols
• Providing ongoing training and awareness programs for employees

Conclusion

The study highlights the need for private banks in Ethiopia to prioritize information security and take concrete steps to improve their practices. By doing so, institutions can reduce their risk exposure, protect customer data, and maintain trust with stakeholders.