Title: Enhancing Network Security and Privacy in Ethiopian Financial Institutions: A Case Study of Commercial Bank of Ethiopia Cyber attack
Authors: Dereje Biru Kitila
Volume: 9
Issue: 11
Pages: 120-136
Publication Date: 2025/11/28
Abstract:
The rise of cyber threats poses significant challenges to financial institutions globally, with Ethiopia increasingly exposed to network vulnerabilities and privacy risks. This study investigates the challenges and opportunities in network security, privacy compliance, and institutional reputation within Ethiopian financial institutions, using the March 2024 Commercial Bank of Ethiopia cyber-glitch as a case study. A quantitative research approach was employed, utilizing a structured Likert-scale questionnaire distributed to 244 IT and cyber security professionals, with 235 valid responses analyzed. Descriptive statistics revealed notable gaps in technical vulnerability management, privacy compliance, and cyber security capacity. Correlation and multiple regression analyses indicated that technical vulnerabilities, privacy compliance gaps, and cyber security capacity collectively exert a significant influence on institutional reputation, with cyber security capacity showing the strongest impact. The findings underscore the need for a holistic cyber security strategy integrating technical safeguards, regulatory compliance, and human capacity to protect institutional credibility and customer trust. Recommendations include enhancing staff training, improving privacy compliance, implementing proactive vulnerability management, and conducting longitudinal studies to monitor evolving cyber security practices. These insights provide practical guidance for Ethiopian banks and regulators to strengthen cyber resilience and privacy governance.