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Gulf Bank of Kuwait reassures customers after 'systems glitch'

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

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.