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Local banks are safe from any form of hacking, assures CBK

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As the spate of global hacking continues unabated at government websites, hospitals and big companies — with the most recent of such deadly viruses being Ransomeware, the Central Bank of Kuwait has allayed fears of the general public saying information systems of the local banks are safe from any form of hacking, reports Al-Nahar daily.

According to the Central Bank of Kuwait, only one local bank experienced a minor anonymous attempt of illegitimate access, but it was not considered to be hacking of automation system A team of representatives from the Central Bank of Kuwait and other local banks has taken necessary preventive measures to avert further expansion of illegitimate incursion and made sure the action is of no effect.

The systems have been declared safe and strong enough to protect the electronic network. In the meantime, the local banks have been instructed to liaise with Online Banking Services Company (K-net) to implement further procedures by sending SMS containing unstable password to each customer to make it impossible for any intruder to operate a banking transaction in any account.

Meanwhile, Ministry of Social Affairs and Labor Undersecretary Dr Matar Al-Mutairi issued administrative Decision No. A/2291/2017 to form a committee which will review the basic systems of officially recognized societies according to Law No. 24/196, reports Al- Jareda daily.

The daily obtained a copy of the decision stating that the committee will work for one year under the leadership of the assistant undersecretary for legal affairs with the assistant undersecretary for social development, director of Charitable Societies Department and a number of ministry employees as members.

The target of the committee is to ensure that the basic systems follow related laws, Cabinet and administrative decisions. It must submit a memorandum to the undersecretary; mentioning names of societies whose basic systems violate such laws and decisions, suggestions to rectify violations and address the erring societies.

The committee is required to submit a report to the undersecretary every three months and it is authorized to ask for the help experts who will attend its meetings but they will not participate in the voting process.

 

@http://www.timeskuwait.com/Times_Local-banks-are-safe-from-any-form-of-hacking-assures-CBK

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Beirut: Some eight Kuwaiti banks have maintained their status among the world’s biggest 1,000 in 2015, in the first category of capital, the Union of Arab Banks (UAB) Secretary General Wissam Fattouh has said.

According to an analytical study conducted by the UAB, based on data published by The Banker magazine, there are 85 Arab banks among the world’s top 1,000 in terms of the first category of capital, Fattouh told KUNA on Tuesday.

The eight banks, respectively as on the list, are the National Bank of Kuwait (NBK), the Kuwait Finance House, Burgan Bank, the Gulf Bank, the Commercial Bank of Kuwait, Al Ahli Bank of Kuwait, the Kuwait International Bank and the Industrial Bank of Kuwait, the UAB chief said.

Fattouh noted that the NBK had made remarkable progress on the list moving from the rank of 189 in 2014 to 168 in 2015.

The criteria of the first class banks manifest their strength and ability to withstand shocks, in line with the Basel Committee on Banking Supervision, he said.

The figures comprised by the UBA study show that the capital of the eight banks rose from USD 21.254 billion in 2014 to USD 22.454 a year later. Their assets hit USD 210.659 billion.

According to the study, the Arab banking sector has achieved steady growth over the past years, with assets increasing to USD 3.3 trillion in 2015, and deposits of USD 2.1 trillion.

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Central Bank of Kuwait Tel: +(965) 22449200 Fax: +(965) 22440887 Email: cbk@cbk.gov.kw www.cbk.gov.kw Industrial Bank of Kuwait Joint Banking Complex
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