Effectiveness of measures employed by financial institutions to combat cyber threats. A Survey of commercial banks in Harare CBD, Zimbabwe.

Abstract

Cyber threats in Zimbabwe’s financial sector continue to threaten the stability, data security, and trust of digital banking systems in commercial banks. The study aimed to evaluate the effectiveness of cybersecurity measures in commercial banks located in Harare CBD. The objectives of the study were to identify the cybersecurity measures currently employed, to determine their effectiveness in combating cyber threats, to explore challenges encountered in implementing these measures, and to recommend strategies for improving cybersecurity effectiveness. The study adopted a pragmatist mixed methods research design, using a sample of 40 bank employees selected through questionnaires and interviews, with data analyzed using SPSS and thematic analysis. Findings revealed that commercial banks employ cybersecurity measures including firewalls, encryption, multi-factor authentication, intrusion detection systems, backups, and staff awareness training, while advanced systems such as Security Information and Event Management (SIEM) remain limited. The study further found that although preventive, detective, and recovery controls are implemented, their effectiveness is constrained by weak system integration and inconsistent application across institutions. Key challenges identified include weak regulatory enforcement, shortage of skilled personnel, outdated systems, financial constraints, and employee non-compliance with cybersecurity policies. It was concluded that the effectiveness of cybersecurity measures depends on the integration of technology, human capacity, and governance frameworks. It is recommended that commercial banks adopt integrated cybersecurity systems and strengthen continuous staff training to enhance cyber threat detection and response.