Financial Crime World

Financial Cybercrime on the Rise in Saudi Arabia: What Local Institutions Can Do to Protect Against Cyber Threats

As Saudi Arabia’s business sector embraces digital transformation, financial institutions are following suit by digitizing services to meet changing customer needs. However, this transition comes with new cybersecurity risks that are increasingly targeting the financial industry. In this article, we discuss the importance of cybersecurity for financial institutions in Saudi Arabia in the face of rising cyber threats.

The Growing Threat of Cyberattacks in Saudi Arabia’s Financial Sector

  • The financial services sector faces the highest number of cyberattacks globally [1]
  • Saudi Arabia has seen a surge in cybercriminal activity over the past decade [2]
  • Cost of data breaches in Dubai and Saudi Arabia rose by 6% during the pandemic [3]

Identifying Vulnerabilities and Mitigating Measures

To protect against cyber threats, financial institutions must conduct a comprehensive risk assessment to identify their most vulnerable areas:

  1. Conduct regular cybersecurity assessments
  2. Prioritize areas most at risk
  3. Collaborate with cybersecurity and financial industry experts

Strong Identity and Access Management Controls

  • Implement multi-factor authentication, password management, and activity monitoring
  • Encrypt data both at rest and in transit

Dedicated Cybersecurity Team and Tools

  • Equip cybersecurity team with latest security tools
  • Monitor and respond to threats in a timely manner

Regulatory Compliance

  • Financial institutions must comply with the latest cybersecurity regulations in Saudi Arabia [4][5]

Being Proactive Against Cyber Threats

  • Understand new regulations and implement necessary policies
  • Stay updated with the latest cybersecurity trends and technologies

Contact Us

Ahmad Al Zoubi is available to discuss your financial institution’s cybersecurity requirements and provide expert advice. Contact us to learn more.

[1] Ponemon Institute, 2021 [2] IBM, 2020 [3] PwC, 2020 [4] Saudi Arabian Monetary Authority (SAMA), 2017 [5] Saudi Data and Artificial Intelligence Authority (SDAIA), 2022