Ethiopia’s Information Network Security administration (INSA) – it is like the cyberwing of Ethiopia’s intelligence system – on Friday remarked about the Commercial Bank of Ethiopia “system glitch.”
Tigist Hamid, Director, said INSA has been responding to the “system glitch” to the digital banking system of the commercial bank of Ethiopia since it was reported on March 16.
She added “We have been doing a cyber security check and we were able to confirm that the glitch has nothing to do with a cyber attack.”
However, said INSA, we have done a detailed analysis of the issue that caused the problem. “The bank has made changes to its mobile banking to improve the system…but the logical flow of the source code was disordered.” Earlier this week, Commercial Bank of Ethiopia President , Abe Sano, said there was “a missing code.”
It added that the system was releasing money without checking account balances of clients.
Why the system was changed without a test of the new system or why the “logical flow” of the source code of the new mobile system was not tested before it was implemented is not addressed.
Commercial Bank of Ethiopia has disclosed that over 490,000 transactions were completed in a few hours during the systemic glitch but it has not disclosed the total amount of money it lost. Sources indicate that somewhere between 5 and 10 billion birr was lost. The bank has started a campaign to recover it.
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