Home / / Gulf Bank of Kuwait reassures customers after 'systems glitch'

Gulf Bank of Kuwait reassures customers after 'systems glitch'

Technical failure could result in over $9m losses to the bank

Gulf Bank of Kuwait reassures customers after 'systems glitch'

Gulf Bank of Kuwait sought to reassure its customers after a service disruption to its network last week. The incident had no effect on customer accounts, the bank said.  

On March 27, the Bank announced a technical failure in its system of international remittances through a twitter post.

Social media rumours has claimed the bank had been hacked, but the bank did not comment on this.

Based on assessment, the bank said, the incident could result in a potential loss to the bank to the tune of KD 2.8 million (USD 9.2 million). The amount amounted to just 0.4% of its capital, the bank added.

Kuwait Banking Association (KBA) put out an announcement on Saturday saying local banks in Kuwait enjoy "high level of cybersecurity and protection of the data and information of their clientele."

Except for Gulf Bank, there were no reports of hacking or tampering with other banks' information systems in the GCC country, KBA said in a press release.

Follow us to get the most comprehensive IT Security news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.