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SAMA’s Comprehensive Guide to Cyber Security

The Saudi Arabian Monetary Authority’s (SAMA) Cyber Security Framework provides a comprehensive guide for regulated entities in the financial services sector to ensure the security of their information assets and systems. This framework outlines what SAMA expects from regulated entities in terms of cyber security, ensuring that they are aware of the nature and scope of their information assets and potential cyber risks.

Key Components of the Cyber Security Framework

The SAMA Cyber Security Framework consists of four key components:

Cyber Security Governance

• Regulated entities must establish a cyber security program that includes:
  • A board-approved policy
  • A risk management framework
  • Incident response planning

Information Security

• Entities must ensure the confidentiality, integrity, and availability of their information assets by implementing:
  • Data protection measures
  • Access control mechanisms
  • Secure disposal procedures

Operations & Technology

• Regulated entities must define, approve, and implement security requirements for their information assets, including:
  • Incorporating cyber security into human resources processes
  • Ensuring physical security of facilities that host information assets

Third-Party Considerations

• Entities must engage with third-party service providers in a way that respects the types of cyber security mechanisms implemented by the regulated entity

Additional Requirements

The framework also requires regulated entities to:

• Maintain an accurate and up-to-date inventory of all information assets
• Define their cyber security architecture and follow and review it regularly
• Document and implement cyber security controls for all applications
• Monitor compliance with cyber security standards for infrastructure components

Key Takeaways

To ensure compliance with the SAMA Cyber Security Framework, regulated entities should:

1. Establish a comprehensive cyber security program
2. Prioritize information security to maintain confidentiality, integrity, and availability of information assets
3. Ensure secure operations & technology, including human resources processes and physical security of facilities
4. Respect the types of cyber security mechanisms implemented by third-party service providers

Action Items

To implement the SAMA Cyber Security Framework, regulated entities should:

1. Review the framework to ensure compliance with its requirements
2. Establish a cyber security program that includes governance, information security, operations & technology, and third-party considerations
3. Conduct regular audits and risk assessments to identify potential vulnerabilities
4. Develop incident response plans and procedures for responding to cyber security incidents

By following the SAMA Cyber Security Framework, regulated financial services entities in Saudi Arabia can ensure the security of their information assets and systems, and protect against cyber threats.