SAMA

What is SAMA cybersecurity framework?

It is the central bank and financial regulatory authority of Saudi Arabia. The framework aims to establish cybersecurity guidelines and requirements for financial institutions operating within the country. Its purpose is to ensure the security and resilience of the financial sector by mitigating cyber risks and promoting a robust cybersecurity posture.

The components of SAMA Cybersecurity Framework

• Risk Management
• Security Controls
• Incident Response and Reporting
• Third-Party Management
• Compliance and Governance
• Regulatory Oversight

The methodology of SAMA Cybersecurity Framework

Requirements Gathering: The framework development team identifies the key requirements and objectives of the cybersecurity framework.

Research and Analysis: The team conducts research on cybersecurity best practices, international standards, and industry-specific guidelines relevant to the financial sector.

Framework Design: Based on the requirements and research findings, the framework is designed, outlining the structure, components, and specific cybersecurity controls and requirements that financial institutions need to implement.

Stakeholder Consultation: The framework is shared with relevant stakeholders, such as financial institutions, industry experts, and regulatory bodies, for feedback and input.

Drafting and Refinement: The framework is drafted, incorporating the feedback received during the consultation phase.

Piloting and Testing: A pilot program may be conducted to test the feasibility and effectiveness of the framework.

Publication and Implementation: The finalized framework is published, and financial institutions are provided with guidelines and instructions on how to implement the cybersecurity controls and requirements outlined in the framework.

Compliance Monitoring and Enforcement: SAMA conducts monitoring and assessments to ensure financial institutions are complying with the cybersecurity framework.