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5.10. Saudi Arabian Monetary Authority SAMA Compliance

Owned by seda peker
Last updated: Oct 04, 2023
2 min read

It refers to compliance with a framework developed by the Saudi Arabian Monetary Authority (SAMA) that defines cybersecurity requirements for all financial institutions in Saudi Arabia. SAMA is the Central Bank of Saudi Arabia.

The purpose of SAMA Compliance is to help all financial institutions in Saudi Arabia reduce cybersecurity risks and strengthen Saudi Arabia's national security.

SAMA Compliance is issued by SAMA. SAMA was published in 2018.

SAMA Compliance is mandatory for all financial institutions in Saudi Arabia. These entities must develop and implement a plan to fulfill the requirements of SAMA.

To comply with SAMA Compliance, organizations are required to take the following steps:

  1. Review SAMA and identify the requirements that are important to your organization.

  2. Develop a plan to fulfill these requirements.

  3. Implement the plan and evaluate its effectiveness.

 

SAMA Compliance is an essential tool to help all financial institutions in Saudi Arabia mitigate cybersecurity risks and strengthen Saudi Arabia's national security.

The key requirements of SAMA Compliance are:

  • Risk management: Organizations need to identify, assess and mitigate cybersecurity risks.

  • Policies and procedures: Organizations need to develop cybersecurity policies and procedures.

  • Technical controls: Organizations need to implement technical controls to mitigate cybersecurity risks.

  • Human resources: Organizations need to invest in human resources to increase cybersecurity awareness.

  • Continuous improvement: Organizations need to continuously improve to mitigate cybersecurity risks.

SAMA Compliance also provides a variety of tools and resources to help organizations mitigate cybersecurity risks. These tools and resources include SAMA guides, training materials and audit services.

SAMA Compliance differs from other cybersecurity frameworks in that it is tailored to the specific needs and priorities of Saudi Arabia. SAMA focuses on protecting Saudi Arabia's financial system and national security.

 

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