Kuwait Gulf Bank To Lose Upto $9Million Due To Technical Error

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Kuwait’s Gulf Bank underwent a technical issue on Saturday resulting in a loss 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 issue disrupted the bank’s service with an impact on its international transfers. However, the bank clarified that its customers were not affected by the error in its network.

“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”, the bank reported.

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

It further added,“The banks, except for the Kuwait Gulf Bank, reported no hacking or tampering with their information systems,” hence affirming the commitment of all banks to ensure the safety of their client accounts.