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Calls for 'backup alternatives' to banks' databases
Economic 10/21/2024
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A fire that broke out in a branch of an Iraqi bank caused all electronic systems and banking applications to stop, which confused the bank's customers. This prompted banking experts to stress the importance of having backup alternatives for all databases and data centers in accordance with international standards and instructions issued by the Central Bank and relevant authorities to protect customers and avoid outages that could cause them huge losses. Badr Riyadh, Chairman of the Information and Communications Technology Committee at the Digital Transformation and Electronic Payment Council, said in an interview with Al-Sabah: "It is necessary to provide alternative systems related to the communications and information technology sector that are tested monthly or semi-annually to ensure the continuity of the service," considering this "an important and essential matter in the banking and information technology sector, and it is the ABC of banking transactions," according to his expression.
While he called for dealing with these technologies with some seriousness, he expressed his hope that the mistakes made by the bank that affected the citizen’s confidence in the banking sector would not be repeated. He stressed the need for the bank to “speed up the disclosure of the truth of what happened to enhance the citizen’s confidence in the banking sector.”
In a related context, Eng. Khaled Al-Jaberi, Chairman of the Osool Foundation for Economic and Sustainable Development, told Al-Sabah that “the complete shutdown of ATMs, electronic payment systems, and mobile applications of one of the banks operating in Iraq recently caused direct financial losses to customers, which necessitates compensating them for the damages they suffered.” He indicated that “the outage greatly affected daily financial transactions and exposed customers to unexpected financial problems.”
Al-Jaberi stressed the importance of "all banking entities adhering to the instructions of the Central Bank of Iraq," stressing "the need to ensure the efficiency of the financial systems and technology used through periodic examination and proactive review to avoid such disruptions in the future."
Al-Jabri called for "the necessity of giving the relevant institutions a chance to investigate the reasons for the shutdown, and to determine all the technical and technological details that led to this problem," noting "the importance of announcing the results with complete transparency, so that the incident will be a lesson for other entities working in the financial and technological sector to benefit from."
He pointed out that, "despite the passing of days since the incident, no official statement has yet been issued by the bank explaining what happened. He said: "The delay in issuing a statement raises questions and requires a thorough investigation by the regulatory authorities to determine the reasons that led to this outage, and why customers were exposed to this damage," noting that "the delay in clarifying could cause indirect harm to all those dealing with electronic systems, and negatively affect the reputation of the banking sector as a whole."
The Iraqi Digital Transformation and Electronic Payment Council had stressed the importance of having backup alternatives for all databases and data centers in accordance with international standards and instructions issued by the Central Bank and relevant authorities, to ensure business continuity in the event that the basic systems are exposed to any damage, as happened with this bank, to avoid the recurrence of such incidents that negatively affect consumers and threaten confidence in the banking system and electronic systems.
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