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Private Banks in Ethiopia: A Study on Information Security Maturity

A recent study has assessed the information security maturity level of four private banks in Ethiopia, revealing that none of them have achieved the optimal level of 5 (Optimized).

Information Security Maturity Levels

The study found that three control objectives scored a level 3 (Defined), while most security control areas fell under level 2 (Repeatable but Intuitive). According to the SSE-CMM maturity level assessment criteria, the average allocated score for A.11 (Physical and Environmental Security), A.15 (Supplier Relationship), and A.16 (Compliance) reached a maturity level of 3 (Defined).

Maturity Level Gap Analysis

The expected maturity level for SSE-CMM is 5 (Optimized), which is significantly higher than the actual scores. The study found a magnitude of difference between actual and expected security conditions of 2.55, with a 51.1% disparity in overall information security maturity.

Document Analysis

A document analysis revealed that all four sampled banks have information security policies and protocols in place to protect against external and internal threats. However, only two banks were willing to share their guidelines. The study found gaps in updating and reviewing information security policies, as well as a need for improvement in incident management and physical and environmental security.

Key Findings

  • None of the four sampled private banks have achieved an optimal level of 5 (Optimized) information security maturity.
  • Three control objectives scored a level 3 (Defined), while most security control areas fell under level 2 (Repeatable but Intuitive).
  • There was no significant difference in information security maturity levels among the four sampled banks.
  • Gaps were identified in updating and reviewing information security policies, as well as improvement needed in incident management and physical and environmental security.

Recommendations

The study highlights the importance of continuous monitoring and improvement of information security practices to ensure optimal protection against threats. It is recommended that private banks in Ethiopia prioritize addressing these gaps to enhance their overall information security maturity level.

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