SAMA is the compliance certification that allows organizations to do a comprehensive internal audit and create a measurable and enhanced security framework. This provides augmented protection to sensitive and classified customer data.

Introduction

Because of the proliferation of cyber security attacks, the KSA government has realized the significance of fortifying its defenses or risking indefinable losses. As an outcome, they have formed the SAMA framework. This will give a 360-degree overview of the central pillars. It entails;

·         Effective risk management

·         Maturity level enhancement

·         Common Approach 

Framework Requirements of SAMA Cyber Security  

The SAMA cyber security plan is implemented for all members of the organization. It is regulated by SAMA entailing;

·         The financial infrastructure of the market

·         Saudi Arabia credit Bureaus

·         All reinsurance and insurance in KSA

·         All banks functioning in KSA

Even though all domains relate to the banking sector, exclusions are present for other financial organizations; entailing particular exclusions and mandates for some sub-domains.

SAMA is also applied for 3^rd party services that member companies depend on (governmental agencies, suppliers, vendors, cloud computing providers, outsourcing providers information services providers, etc.)

Main Components of SAMA’s Requirements

For a huge number of strong reasons, Saudi Arabian companies must abide by the Cyber Security Framework (SAMA CSF) created by the Saudi Arabian Monetary Authority.

Some reasons include:

·         Protection Against Cyber Threats

The SAMA Cyber Security Framework ensures that businesses can protect sensitive data and vital operations by acting as a strong defense against the constantly changing cyber threat landscape.

·         Alignment of Global Standards:

The CSF compliance supports companies with international standards of cyber security. It entails; PCI, BASEL, ISO, ISF, and NIST. This improves global standing and cybersecurity posture.

·         Safeguarding Information Assets

The CSF places a strong emphasis on protecting online services and information assets, which are essential elements for companies operating in the digital era.

·         Proper Risk Management

 Businesses that follow the CSF actively participate in risk management, which improves their capacity to recognize, evaluate, and reduce cyber security threats.

·         Pliability of the Financial Sector

As a result of compliance, the Saudi financial industry is more resilient overall and provides a safe environment in which firms can prosper.

·         Stakeholder and Customer Confidence

Supporting the CSF authenticates a commitment to cyber security attacks. This instills confidence in stakeholders, partners, and customers.

SAMA Cybersecurity Compliance Guidelines and Checklist

SAMA implements periodic reviews to evaluate the effectiveness of the framework and resolve emerging cyber security threats. The companies that are members can ask for updates and give them to SAMA for approval. Version control guarantees clarity with legacy versions switched by the updated ones. They are communicated to all members of the company.

SAMA Cyber Security Structural Plan

The framework is organized into four core domains, specifically: 

·         Cyber Security Governance and leadership. 

·         Cyber Security Compliance and Risk Management. 

·         Cyber Security Technology and operations. 

·         3^rd party Cyber Security.  

The framework application at the member organization will be given to periodic self-evaluation. This self-evaluation will be conducted by the member organization on the basis of the questionnaire.

Advantages of Applying SAMA in KSA

·         Globally Recognized

·         Complete Pliability 

·         Active Risk Management 

Conclusion

To sum up, the adoption of the SAMA Cyber Security Framework is a big step in safeguarding the financial industry from the permanent threat of cyberattacks.
It is a demonstration of the proactive approach taken by the Saudi Arabian Monetary Authority and a role model for other industries attempting to protect their digital assets. Through the application of strong risk management protocols, the integration of international standards, and a focus on information asset security, the Framework ensures that all Member Organizations operating inside the Saudi financial system may more confidently negotiate the intricacies of cyber defense. Additionally, compliance communicates confidence in the security mechanisms in place, guaranteeing partners, consumers, and stakeholders similarly.

Frequently Asked Questions (FAQs)

What is meant by SAMA compliance in KSA?

SAMA is the compliance certification that allows organizations to do a comprehensive internal audit and create a measurable and enhanced security framework. This provides augmented protection to sensitive and classified customer data.

What is the purpose of the cybersecurity framework in KSA?

The main aim is to empower and regulate the cyber security practices of the service providers in the ICT industry.

Diginatives is certified by SAMA, therefore if you are a software company looking to develop the best quality and security-ensured app; we are here to help you.