Financial Crime World

Financial Institutions Face Rising Cyber Threats in Saudi Arabia

Cyberattacks Surge on Financial Sector

RIYADH, SAUDI ARABIA - A recent surge in cyberattacks on financial institutions has left the industry reeling. According to a report released by the Saudi Arabian Monetary Authority (SAMA), unique cyber incidents doubled in Q3 of 2023 compared to the same period last year.

The SAMA Cyber Security Framework

The SAMA Cyber Security Framework aims to provide prescriptive measures and strengthen security for SAMA-regulated financial institutions. The framework is designed to create a common approach for addressing cyber security, mandating achieving an appropriate maturity level of cyber security controls and ensuring that cyber security risks are appropriately managed throughout member organizations.

Four Domains of the Framework

The SAMA Cyber Security Framework consists of four distinct domains:

1. Cyber Security Leadership and Governance

  • Establish a comprehensive cyber security policy
  • Define roles and responsibilities
  • Ensure operational effectiveness

2. Cyber Security Risk Management

  • Proper risk assessment and mitigation strategies
  • Identify and manage risks to information assets

3. Cyber Security Operations and Technology

  • Safeguard operations and protect information assets
  • Implement robust security measures to prevent breaches

4. Third-Party Cyber Security

  • Ensure equal levels of protection at third parties as within their own organizations
  • Monitor and control third-party access to sensitive data

Case Study: Effective Compliance Automation

A recent case study by a prominent financial institution in Saudi Arabia demonstrated the effectiveness of SAMA compliance automation in enhancing cyber security posture. By implementing the CyberArrow platform, the bank streamlined compliance processes, reduced manual efforts, and expedited overall process efficiency.

Industry Leaders Achieve SAMA Compliance

Industry leaders such as HALA and Bupa Arabia have successfully achieved SAMA compliance with the CyberArrow platform.

Conclusion

“SAMA’s framework provides a roadmap for financial institutions to strengthen their cyber defenses,” said Dr. Al-Omar, Head of Cyber Security at SAMA. “We encourage all regulated organizations to adhere to these guidelines and ensure a secure future for our sector.”