KSE site hacked on day of launching

KUWAIT CITY, May 17: The website of Kuwait Stock Exchange (KSE) was hacked on the day it was launched, reports Al-Jaridah daily quoting reliable sources.

They disclosed that the hackers managed to copy all data from the website before deleting them.
The website administration team contacted an international technical team to eliminate all loopholes and strengthen the security of the website.

The sources added that the homepage of the new website had a technical error which enabled the hackers to access the database and which will allow them in the future to retrieve the password if this technical error is not resolved.

They said the manager of KSE Faleh Al-Raqba was aware of this incident but he did not reveal it publicly since this issue meant the confidentiality agreement with their clients was breached with the disclosure of the client transactions.

Meanwhile, in another story, Kuwait’s total dependence on oil as the main source of energy will have a negative impact on its security, reports Al-Qabas daily quoting researcher Fahd Al-Shimali.

Al-Shimali made the statement when he presented his master’s thesis entitled, “The Impact of Energy on the National Security of Kuwait”, at the Faculty of Social Sciences in Kuwait University (KU) Wednesday. 

During the thesis presentation, Al-Shimali revealed Kuwait owns nine percent of the world’s oil reserves and 85 percent of its national income comes from this resource. He quoted a statistical report released earlier by the Ministry of Oil, stating that this resource will last for 46 years, while others believe Kuwait’s oil will last only for 22 years.

On external challenges, Al-Shimali enumerated several factors like a remarkable decrease in the global demand for oil, emergence of new producers and the continuous struggle to gain access to this vital resource. He pointed out both the ministry and the Kuwait Petroleum Corporation (KPC) have laid down certain strategies but they focus only on the production aspect, not the production side. He stressed the need to find alternative sources of energy and the formation of a Higher Energy Council, similar to what the United Arab Emirates (UAE) has done.


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