Assessing the Cyber security Efficacy of Internet Banking Applications in Tanzania:

Abstract

This study assesses the cybersecurity efficacy of Internet banking applications in Tanzania. This novel purpose was attained through assessing existing security controls, identifying the existing security risks i, and proposing a security control model for Internet banking applications in Tanzania’s domestic banks. The study adopted a cross sectional research design whereby primary data to complement security assessment was collected via survey questionnaires from 25 staff selected from 5 domestic commercial banks which have internet banking application. The collected data will be analysed by using STATA statistical package to establish variation and the Nessus Pentest tool for security assessment while the Kali Linux tool will be used to exploit the apps. On the other hand, the model will be developed using a smart PLS tool. The study found that at the management level, the existing controls fall in governance and management controls, human resources security controls and application system continuity management while, at ICT routine operation, the security controls fall in operations of the internet banking application, information asset, identity and access security management, incidence management, application service for internet banking and physical and environmental security controls. Also, it was found that internet banking application have low risk as the score ranges between very good (90%-100%) and good (85% - 89%). Lastly, the developed mode was found significant and appropriate regarding the scope of the study The sudy recommends ICT security officer to perform vulnerability assessement as a routine work becaue cybersecurity is changing everuday so the threats. Also, the banking management should allow penetration testing from the externals to asses whether the identified vulnerability have a significant effect to the internet banking application system. Lastly, it is advised for the bank management to perform security awareness to all staff and the cutomers because most of the vulnerability originates from the internal and external users