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Sun 31 Mar 2019 06:46 PM

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Kuwait bank could lose up to $9m following technical issue

Kuwait's Gulf Bank reassured stakeholders, customers after a service disruption

Kuwait bank could lose up to $9m following technical issue
Kuwait Banking Association (KBA) assured customers that local banks in Kuwait “enjoy high level of cybersecurity and protection of the data and information of their clientele”.

Kuwait’s Gulf Bank suffered a technical issue on Saturday that could result in a loss of up to $9.2m (KD2.8m).

The bank issued a statement on its Twitter account revealing some details of the issue, without describing the cause of the incident.

The technical saw a disruption in the bank’s service that impacted its international transfers, but did not affect any of its customers.

"Based on our current assessment, this service disruption may result in a maximum potential loss to the bank of 2.8 million dinars. To give all our stakeholders comfort, this amounts to only 0.4 percent of our capital", it said.

In a separate statement, Kuwait Banking Association (KBA) assured customers that local banks in Kuwait “enjoy high level of cybersecurity and protection of the data and information of their clientele”.

“The banks, except for the Gulf Bank, reported no hacking or tampering with their information systems,” KBA said in a press release, affirming commitment of all banks to ensuring the safety of the accounts of their clientele.

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