Iraq’s Financial Institutions Ordered to Implement Enhanced Security Measures by End of 2017

Strengthening Financial Infrastructure in Iraq

In a move to bolster the country’s financial infrastructure, Iraq’s Central Bank has issued a directive to all banks in the country to adopt the standards of the user protection network approved by SWIFT International Company before the end of this year.

Implementation of International Standards

The banking sector is committed to implementing international standards in the field of financial remittances. The 16-user protection network standards can be summarized as follows:

• Restricting access to the internet
• Separating sensitive systems from the overall IT environment
• Mitigating cyber-attacks and vulnerabilities

Additional Security Measures

Other key security measures include:

• Installing security intuition to protect against unauthorized access to internet sites
• Storing passwords securely and preventing detection of safe password storage
• Managing bank identification numbers
• Separating privileges
• Detecting suspicious activities within the system
• Registering operations and planning responses to various situations (errors and incidents)
• Sharing information with relevant authorities

The Central Bank’s directive aims to enhance the security measures in place to protect Iraq’s financial institutions from potential threats. By implementing these standards, the country can strengthen its financial infrastructure and reduce the risk of cyber-attacks and other security breaches.