What is SAMA?
SAMA stands for the Saudi Arabian Monetary Authority, which is the central bank of Saudi Arabia. Established in 1952, SAMA oversees the regulation of financial entities, issuance of currency, and management of the country's forex reserves. In response to the growing cyber threats, SAMA introduced a cybersecurity framework in 2017 to guide its regulated entities in managing and mitigating these risks.
SAMA plays a crucial role in the regulation and oversight of financial institutions within Saudi Arabia. In the context of Privileged Access Management (PAM), SAMA's cybersecurity framework mandates that all regulated entities implement stringent controls to manage and secure privileged access.
This involves ensuring that only authorized individuals have access to critical systems and data, thereby minimizing the risk of cyber threats and unauthorized access. By integrating PAM into their cybersecurity strategies, organizations can comply with SAMA's requirements, ensuring robust protection of sensitive information and critical assets.
What kinds of organizations must comply with the SAMA cybersecurity framework guidelines?
SAMA must be complied with by financial institutions regulated by SAMA in Saudi Arabia, including:
- Banks
- Financing companies
- Insurance and reinsurance companies
- Credit bureaus
- Financial market infrastructures
SAMA Cybersecurity Maturity Levels
SAMA classifies cybersecurity maturity into six levels:
- Non-existent (Level 0): No documentation or awareness of cybersecurity controls.
- Ad-hoc (Level 1): Partial, inconsistent implementation of cybersecurity controls.
- Repeatable but informal (Level 2): Unorganized and overlapping cybersecurity controls.
- Structured and formalized (Level 3): Well-defined, formally approved cybersecurity controls.
- Managed and measurable (Level 4): Regularly assessed and refined cybersecurity controls.
- Adaptive (Level 5): Continuous improvement and integration of cybersecurity controls into risk management frameworks.
What is the Scope of the SAMA Cyber Security Framework?
The SAMA Cybersecurity Framework outlines goals and principles for member organizations to manage cybersecurity. It includes controls for:
- Electronic data
- Physical records
- IT infrastructure
- Databases, software, and applications
- Storage devices
- Communication networks
What are the Benefits of SAMA CSF?
Implementing the SAMA CSF offers several benefits:
- Strengthened cybersecurity infrastructure
- Improved capability to identify and mitigate cybersecurity risks
- Enhanced trust and confidence among customers and stakeholders
- Better preparedness for new cyber threats
- Increased compliance with international cybersecurity standards and best practices
The SAMA CSF ensures that financial institutions in Saudi Arabia adopt robust cybersecurity measures, thereby enhancing their resilience against cyber threats and protecting sensitive data.
