Financial analyst Khaled Al-Zantouti, in an exclusive statement to our source regarding the breach of the Central Bank of Libya’s system, said that specialists recognize from a technical perspective that information technology and cybersecurity risks have become part of the second pillar introduced under the Basel framework and are among the most significant risks that banks must continuously address and manage.
He explained that such risks arise from weaknesses in the protection of information and technological systems, potentially leading to financial losses and reputational damage to banking institutions. He noted that the matter becomes even more sensitive and disruptive when it concerns central banks in particular.
Al-Zantouti added that the recent incident at the Central Bank of Libya highlights the need to align technological systems and strengthen preparedness to deal with such events. He stressed that these incidents are a normal occurrence and happen daily in various countries around the world, especially given that Libya’s banking technology experience is still relatively new and requires ongoing development and monitoring.
He further stated that he considers what happened to be relatively understandable, particularly during the early stages of banking digital transformation and within the context of the Central Bank’s recent efforts to modernize banking technologies, expand payment systems, and address liquidity challenges.
Al-Zantouti emphasized that the most important issue is being prepared for such vulnerabilities, identifying the individuals or entities responsible, and determining whether the objective was financial gain or damage to the Bank’s reputation. He stressed the necessity of holding those responsible accountable to ensure that similar breaches do not occur again in the future.
