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Demands for “backup alternatives” for databases in banks
Economical 10/21/2024
Baghdad: Shukran Al-Fatlawi
A fire that broke out in an Iraqi bank branch 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 downtime that could cause customers huge losses.
The head of the Information and Communications Technology Committee, in the Digital Transformation and Electronic Payment Council, Badr Riad, 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 service.”
It is an important and fundamental matter in the banking sector and information technology, and it is one of the “A’s” of banking, as he put it.
While he called for dealing with these technologies with some seriousness,
he expressed his hope that the mistakes that the bank made would not be repeated and that affected the citizen’s confidence in the banking sector. He stressed the
need for “the bank to speed up in revealing the truth of what happened to enhance the citizen’s confidence in the banking sector.”
On a related level, the head of the Osool Foundation for Economic Development and Sustainable Development, Engineer Khaled Al-Jabri, stated to “Al-Sabah” that
“the complete cessation witnessed by the ATM systems, electronic payment and mobile applications of one of the banks operating in Iraq recently caused direct financial losses to customers, which requires... “The need to compensate them for the damages they have suffered.” Noting that
"the outage greatly affected daily financial transactions and exposed customers to unexpected financial problems." Al-Jabri stressed
the importance of “all banking entities’ adherence to the instructions of the Central Bank of Iraq,” stressing
“the necessity of ensuring the efficiency of the financial systems and technology used through periodic examination and proactive review to avoid such interruptions in the future.” Al-Jabri called for
“the necessity of giving the competent institutions an opportunity to investigate the reasons for the stoppage, and to find out all the technical and technical details that led to this problem,” noting
“the importance of announcing the results with complete transparency, so that the incident will be a lesson from which other parties working in the financial and technological sector will benefit.” He pointed out that,
“Despite the passage of days since the incident, there has not yet been an official statement issued by the bank explaining what happened. He said,
“The delay in issuing a statement raises questions and requires opening a thorough investigation by the supervisory authorities to find out the reasons that led to this interruption, and why.” Customers are exposed to these damages,” pointing out that
“delay in clarification could cause indirect harm to all those dealing with electronic systems, and reflect negatively on 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 a recurrence.
Such incidents negatively affect consumers and threaten confidence in the banking system and electronic systems.
https://alsabaah.iq/104477-.html
Economical 10/21/2024
Baghdad: Shukran Al-Fatlawi
A fire that broke out in an Iraqi bank branch 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 downtime that could cause customers huge losses.
The head of the Information and Communications Technology Committee, in the Digital Transformation and Electronic Payment Council, Badr Riad, 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 service.”
It is an important and fundamental matter in the banking sector and information technology, and it is one of the “A’s” of banking, as he put it.
While he called for dealing with these technologies with some seriousness,
he expressed his hope that the mistakes that the bank made would not be repeated and that affected the citizen’s confidence in the banking sector. He stressed the
need for “the bank to speed up in revealing the truth of what happened to enhance the citizen’s confidence in the banking sector.”
On a related level, the head of the Osool Foundation for Economic Development and Sustainable Development, Engineer Khaled Al-Jabri, stated to “Al-Sabah” that
“the complete cessation witnessed by the ATM systems, electronic payment and mobile applications of one of the banks operating in Iraq recently caused direct financial losses to customers, which requires... “The need to compensate them for the damages they have suffered.” Noting that
"the outage greatly affected daily financial transactions and exposed customers to unexpected financial problems." Al-Jabri stressed
the importance of “all banking entities’ adherence to the instructions of the Central Bank of Iraq,” stressing
“the necessity of ensuring the efficiency of the financial systems and technology used through periodic examination and proactive review to avoid such interruptions in the future.” Al-Jabri called for
“the necessity of giving the competent institutions an opportunity to investigate the reasons for the stoppage, and to find out all the technical and technical details that led to this problem,” noting
“the importance of announcing the results with complete transparency, so that the incident will be a lesson from which other parties working in the financial and technological sector will benefit.” He pointed out that,
“Despite the passage of days since the incident, there has not yet been an official statement issued by the bank explaining what happened. He said,
“The delay in issuing a statement raises questions and requires opening a thorough investigation by the supervisory authorities to find out the reasons that led to this interruption, and why.” Customers are exposed to these damages,” pointing out that
“delay in clarification could cause indirect harm to all those dealing with electronic systems, and reflect negatively on 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 a recurrence.
Such incidents negatively affect consumers and threaten confidence in the banking system and electronic systems.
https://alsabaah.iq/104477-.html
