Cybercrime Threatens Iraq’s Financial Sector: Lack of Specific Legislation Exposes Citizens and Businesses to Risk

Introduction

Iraq is one of the most connected countries globally, but despite its high level of connectivity, it lacks a comprehensive cybersecurity framework. This lack of specific legislation to combat cybercrime leaves the country’s financial sector vulnerable to attacks.

Cybercrime in Iraq: A Growing Concern

According to reports, social media platforms such as Facebook are often used to perpetrate internet fraud, identity theft, and other types of cybercrime. In 2013, the Iraqi Ministry of Planning revealed that most cyberattacks were aimed at individuals rather than businesses or governments. The most common forms of cybercrime in Iraq include:

• Internet fraud
• Identity theft
• Child pornography
• Cyber-stalking
• Cyber-blackmail
• Copyright infringement
• Satellite piracy
• Cyberterrorism

Lack of Specific Legislation Exposes Financial Sector to Risk

Despite the threat posed by cybercrime, Iraq does not have a specific law to deal with the issue. The country’s judiciary is forced to rely on outdated laws, such as the Civil Code and Penal Code, to prosecute cybercrimes. This lack of specific legislation has raised concerns among experts that the Iraqi financial sector is at risk of being exploited by cybercriminals.

Data Protection Concerns

The absence of data protection legislation in Iraq also raises serious concerns about privacy protection. The country’s Constitution mentions a “right to personal privacy,” but there is no clear guidance on how this right should be protected, leaving individuals and businesses vulnerable to data breaches.

Call for Action from the Iraqi Government

Experts are urging the government to take immediate action to address the lack of cybersecurity legislation in the country. They are calling for the adoption of specific laws to deal with cybercrime, including measures to protect personal data and prevent online fraud.

“We urge the Iraqi government to prioritize the development of a comprehensive cybersecurity framework to protect its citizens and businesses from cyber threats,” said Haydar Jawad, a partner at Al Tamimi & Company. “The lack of specific legislation in this area is putting Iraq’s financial sector at risk, and it is imperative that the government takes immediate action to address this issue.”

Conclusion

Iraq’s lack of specific legislation to combat cybercrime puts its financial sector at risk and exposes citizens and businesses to online threats. It is essential for the Iraqi government to take immediate action to develop a comprehensive cybersecurity framework to protect its citizens and businesses from cyber threats.