The SAMA Cyber Security Framework is an essential cornerstone in fortifying the digital landscape of Saudi Arabia. In an era where flawless customer experience, uninterrupted services, and the safeguarding of sensitive data have taken center stage, the need for a robust cyber security infrastructure has never been more paramount. This Framework, established by the Saudi Arabian Monetary Authority (SAMA), sets the stage for financial institutions to effectively identify and address the evolving risks associated with cyber security. 

 

As our world becomes increasingly reliant on online services and cutting-edge technologies like Fintech and blockchain, the threat landscape shifts swiftly, underscoring the importance of staying one step ahead. With the Framework, SAMA ensures that the Banking, Insurance, and Financing sectors in Saudi Arabia can stand strong against cyber threats, fostering confidence in the nation’s financial sector.

 

This article explores the SAMA Cyber Security Framework and why it’s necessary for the financial sector in Saudi Arabia. 

 

What is the SAMA Cyber Security Framework?

 

SAMA has put in place a Cyber Security Framework designed to empower Financial Institutions under SAMA’s regulation, referred to as “Member Organizations,” in their efforts to effectively identify and address cyber security risks. These measures are crucial for safeguarding information assets and online services, making it imperative for Member Organizations to adopt the Framework.

 

The primary objectives of this Framework are as follows:

 

• Establishing a unified approach to address cyber security concerns across Member Organizations.

 

• Attaining an optimal level of maturity in cyber security controls within these entities.

 

• Ensuring the sound management of cyber security risks throughout Member Organizations.

 

Furthermore, the Framework serves as a tool for periodic assessments, evaluating the effectiveness of cyber security controls, and making comparisons among Member Organizations. It draws inspiration from both SAMA’s requirements and established industry cyber security standards like NIST, ISF, ISO, BASEL, and PCI.

 

It’s worth noting that the Framework exceeds all previously issued SAMA circulars related to cyber security.

 

What is the scope of the SAMA Cyber Security Framework?

 

The Framework outlines fundamental principles and objectives for initiating, executing, sustaining, overseeing, and enhancing cyber security controls within Member Organizations. Moreover, it offers a comprehensive set of cyber security controls that are relevant to the safeguarding of information assets within Member Organizations. This includes, but is not limited to:

 

• Electronic data.

 

• Computers and electronic devices (e.g., ATMs).

 

• Tangible records (hard copies).

 

• Facilities, equipment, and communication networks (technical infrastructure).

 

• Data storage devices (e.g., hard drives, USB drives).

 

• Applications, software, electronic services, and databases.

 

The Framework also offers guidance regarding cyber security requirements for Member Organizations, their employees, subsidiaries, third-party associates, and customers. 

 

The Framework maintains interrelations with other corporate policies that cover related domains like physical security and fraud management. However, it’s essential to understand that this framework does not encompass non-cyber security requirements for these specific areas.

 

 

Scope of Applicability 

 

The reach of the Framework extends to a wide spectrum of Member Organizations regulated by SAMA, encompassing the following categories:

 

• All Insurance and/or Reinsurance Companies conducting business in Saudi Arabia.

 

• All Banks engaged in operations within Saudi Arabia.

 

• All Credit Bureaus in operation within Saudi Arabia.

 

• All Financing Companies operating within the Saudi Arabian landscape.

 

• The Financial Market Infrastructure.

 

SAMA CSF cyber threat intelligence principles

 

In March 2022, SAMA introduced the Cyber Threat Intelligence (CTI) Principles, integrating them as an integral component of the CSF and making compliance with SAMA CSF dependent upon their adoption. Financial institutions can leverage CTI to enhance their vigilance in cyber security threats and develop practical threat intelligence. 

 

These CTI Principles offer a blueprint for implementing superior methods in the generation, handling, and distribution of threat intelligence tailored to the specific needs of financial institutions in Saudi Arabia.

 

The CTI principles include the following:

 

• Core CTI principles: These principles serve as a fundamental requirement in Cyber Threat Intelligence (CTI) and lay the groundwork for other CTI categories. They encompass the essential activities essential for the planning, generation, and sharing of CTI.

 

• Strategic CTI principles: These principles are related to a specialized CTI approach that encompasses the actions necessary for identifying the goals, motivations, and intentions of threat actors.

 

• Operational CTI principles: These principles are specialized CTI practices involving the actions required to identify the modus operandi, behavior, and tactics employed by threat actors.

 

• Technical CTI principles: These principles encompass a distinct CTI practice that involves the activities essential for recognizing the technical elements and markers of cyber-attacks.

 

Member Organizations must apply all these principles. The timing of their complete implementation may be decided at the discretion of the Member Organizations. These principles are also applicable to Member Organizations that outsource their CTI capabilities.

 

FAQs

 

 

Simplifying SAMA CSF compliance with CyberArrow: Your path to effortless cyber security

 

As the need for robust cyber security measures continues to grow, the introduction of compliance automation tools like CyberArrow provides a solution for companies in Saudi Arabia. Implementing the SAMA Cyber Security Framework (CSF) can be a complex endeavor, but CyberArrow simplifies the process. 

 

This advanced tool automates evidence collection, streamlines reporting, and facilitates risk assessments, making it an invaluable asset for organizations striving to adhere to the SAMA CSF. With CyberArrow, you can not only meet regulatory requirements with ease but also fortify your cyber security posture. It’s time to embrace the future of compliance and security – explore the possibilities with CyberArrow today!

 

Read how a Saudi-based Fintech Company, “HALA”, achieved SAMA compliance with CyberArrow.

 

See what HALA have to say about CyberArrow GRC: