SAMA has brought Cyber Threat Intelligence (CTI) Principles as part of the Saudi Cyber security Framework.
SAMA Cyber security Framework and Cyber threat Principles for financial-banks compliance in Saudi Arabia
With the growing popularity of digital banking, virtual interactions and digitalization of financial services in the Kingdom of Saudi Arabia (KSA), cybercriminals are increasingly targeting consumers in an attempt to steal their money and perform unauthorized transactions.
SAMA issued instructions to banks in KSA to implement monitoring and investigation capabilities and measures against financial frauds on 8 April 2022 to combat emerging cyber threats and online fraudulent attempts in the financial sector.
Even though banks and other financial service organizations in Saudi Arabia have become more aware of the importance of the SAMA cyber security framework (SAMA CSF) for cybersecurity, they remain high-profile targets for hacking activity. Cybercriminals are always looking for new opportunities, and Saudi Arabia is a prime target. Many cybercriminals find Saudi Arabia a desirable target. The Dark Web houses numerous underground marketplaces that sell online-banking credentials and credit card data belonging to consumers of major financial institutions in Saudi Arabia.
This is due to the enormous amount of data these organizations hold, making them a prime target for cybercriminals. To protect themselves from data breaches, banks and financial service organizations must continue to invest in solid cybersecurity measures.
Check-box cybersecurity compliance is no longer enough to address the complex threat landscape, considering Saudi Arabia’s Vision 2030. CISOs and information security professionals must know the latest cybersecurity threats and trends to safeguard their organizations’ data and assets.
Sensitive data security has always been a priority for the financial industry, but with the increasing digitization of services, it has become crucial for the Kingdom of Saudi Arabia (KSA). Financial institutions in the KSA must be able to rapidly adapt to new digital threats while ensuring the availability of transactions and services.
SAMA regulations for finance companies in Saudi Arabia
Saudi Arabian Monetary Agency (SAMA) has established a Cyber Security Framework (CSF) to help control the cybersecurity activities of SAMA’s financial institutions and prevent cyber threats. The SAMA CSF guides how to manage cybersecurity risks and outlines measures financial institutions can take to protect themselves and their customers.
SAMA Principles and Cyber Threat Intelligence to protect Saudi Arabian Financial Sector
What is SAMA Cyber Threat Intelligence for financial sector in KSA?
The SAMA Cyber threat intelligence (CTI) Principles have been designed to help financial organizations in Saudi Arabia keep up with the changing landscape of cyber threats. The principles guide implementing threat intelligence, detection and response tactics to identify and mitigate relevant threats. By following these best practices, financial organizations can stay ahead of the curve regarding cyber security. To comply with the SAMA Cybersecurity Framework, financial institutions in Saudi Arabia are now required to have cyber threat intelligence. By receiving and analyzing data from multiple internal and external sources, financial institutions can develop a more robust understanding of the current cyber threats facing their organization and take the appropriate steps to protect themselves.
Who does SAMA Cyber Threat Intelligence Principles apply to?
The Central Bank of Saudi Arabia, commonly popular as the Saudi Arabian Monetary Agency (SAMA) Financial Sector Cyber Threat Intelligence Principles applies to SAMA-regulated Member Organizations.