Maximize information security and ensure complete protection of business processes with SAMA (Saudi Arabian Monetary Authority) compliance regulated by the Saudi Central Bank
The Saudi Arabian Monetary Authority (SAMA) is the central banking organization of Saudi Arabia. SAMA governs and regulates the legalities, processes, and information security strategies of all banking organizations and financial enterprises in the region. Few years back, SAMA introduced the Cyber Security Framework to guide financial businesses with standard protocols, top notch cybersecurity practices, and methodologies to help create sound cyber resilience within the organization’s practices and help preserve the databases, workloads, assets, information flows including sensitive digital data from all emerging cyber threats.
The Framework’s objectives include designing a common cybersecurity management approach for SAMA-affliated finance organizations, help organizations achieve commendable levels of security, and ensure all threats are properly managed with the latest technologies and frameworks. The Framework takes into account SAMA’s requirements and also other top industry cybersecurity standards such as NIST, ISF, ISO, BASEL, and PCI.
45% organizations still feel that their cybersecurity posture is ineffective.
39% organizations still do not have an incident response plan in place.
The average financial cost of a data breach is $3.86m.
Why Do Financial Institutions Need to Become Compliant with SAMA (Saudi Arabian Monetary Authority) Cybersecurity Framework?
Protection against Emerging Cyber
Attacks and Threats
Security norms are updated and revised by the reserve bank on a frequent basis to ensure that banks and other financial service providers remain up-to-date with new regulatory guidelines and are better prepared to deal with emerging threats.
Be Legally Compliant and Up to Date
The SAMA compliance assessment by Saudi Central Bank provides an in-depth and step-by-step roadmap that can be easily repeatable. The entire process can be easily documented and there are plenty of online resources which can help. You don’t need to reinvent every time. It is easy and saves a considerable amount of time and effort.
Enhance Company Reputation
There is no denying that SAMA compliance is a differentiator. In today’s competitive era, it is very difficult to make your brand stand out. Apart from enhancing security with complete gap analysis, it also sends out a clear message that you value customer’s privacy. This specifically helps organizations providing financial services to bolster brand reputation.
Better Information Management
Adhering to risk and compliance is a top priority for a majority of financial services providers. SAMA compliance certification enables them to conduct a thorough internal audit and set up a better and measurable information security framework. This offers maximum protection to classified and sensitive customer data.
The SAMA Cyber Security Framework Map: Be Compliant End-to-end with Cloud4C
- Cybersecurity Risk Management
- Regulatory Compliance
- Compliance with International Industry Standards
- Cybersecurity Review
- Cybersecurity Audit
Cloud4C Full-stack Managed Compliance and Compliance-as-a-Service Offerings
With Cloud4C’s dedicated Compliance-as-a-Service or Managed Compliance offerings, enterprises can augment their IT infra, cloud landscapes, architectures, systems, and applications to be fully compliant with different regulations and standards.
Cloud4C’s global acumen paired with world-class compliance experts and state-of-the-art technologies duly investigate customer landscapes, assess functionalities and workloads to verify whether the same are compliant with the concerned protocol or not, delivering strategies and implementing the necessary procedures to ensure that companies across the globe operate risk-proof. Be it any hyperscaler cloud landscape, on-prem systems, private cloud ecosystems, third-party environments, or remote edge ecosystems, Cloud4C’s managed compliance services cover it all and help organizations be compliance-ready end-to-end
Information Security Registered Assessors Program or IRAP concerns a set of security protocols and frameworks to audit, analyze, and measure cybersecurity efficiency of an organization basis Australian security requirements and standards. This is monitored by the Australian Signals Directorate (ASD)
A major compliance framework and regulations catering to BFSI activities and banking institutions monitored by Bank Negara Malaysia (BNM)
Central Bank of Oman
Regulations certified by Central Bank of Oman catering to all BFSI functions and banking institutions in Oman
Centralized cybersecurity framework and processes regulated by Saudi Arabian Monetary Authority to guide organizations across all industries to effectively protect their operations, assets, and data.
Regulations and frameworks offered by the Swiss Financial Market Supervisory Authority to supervise banks, financial institutions, insurance companies, stock exchanges, securities dealers, etc.
Broader UAE compliances regarding data residency, privacy, and other regulations governing enterprise functions in the United Arab Emirates.
Compliance regulations for BFSI activities and financial institutions concerning security, operational management, data administration, etc. Delivered by the Reserve Bank of India, the nation’s premier banking organization.
Guidelines issued by the Monetary Authority of Singapore, the nation’s central BFSI authority on outsourcing operations and processes of financial institutions.
Regulations issued and monitored by the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) on the functioning and operations of financial institutions.
General Data Protection Regulation is a set of advanced regulations governing the collection and usage of personal data from individuals residing in the European Union.
The Payment Cards Industry Data Security Standard sets frameworks and benchmarks to ensure that all enterprises engaging in accepting, storing, processing credit card data maintain a highly secure environment.
Standards and frameworks set by the Health Insurance Portability and Accountability Act to ensure the privacy, security, and integrity of sensitive patient information. The HITRUST (Health Information Trust Alliance) certification is garnered by healthcare companies as proof that they comply with HIPAA standards.
The GXP compliance standard is an acronym for regulatory requirements and guidelines applicable for the broader life sciences, food, and medical products, etc (The ‘X’ stands for any letter applicable vertical-wise). For instance, Good Laboratory Practices (GLP), Good Clinical Practices (GCP), Good Manufacturing Practices (GMP).
Introduced by the International Organization for Standardization, these frameworks certify the global standard requirements applicable to any offering or service. The number after an ISO refers to the concerned category: ISO-27001, ISO-27017, ISO-27018, ISO-22301, ISO-20000, etc.
An Impact with Difference: Why Partner with Cloud4C to become Industry Compliant?
World’s largest Application-focused Managed Cloud Services Provider and one of the leading managed cybersecurity companies. Dedicated cybersecurity assessment services.
Serving 4000+ enterprises including 60+ Fortune 500 organizations in 25+ countries across Americas, Europe, Middle East, and APAC for 12+ years
40+ Security Controls, 20+ Centres of Excellence, 2000+ global cloud experts
Pre-met compliance needs for local, national, and global compliance requirements including IRAP, GDPR, HIPAA, SAMA, CSA, GXP, and ISO Certifications
3200 UTMs, 13000 HBSS, 800000 EPS
7 Security frameworks utilizing the MITRE ATT&CK, CIS Critical Security Controls, and more
Comprehensive 24x7 cybersecurity monitoring program
Automated Security Solutions for threat prediction, detection, and response: Advanced Managed Detection and Response Solutions (MDR)
Global expertise in managed SOC (Security Operations Center) services and solutions
Dedicated DevSecOps portfolio
Dedicated Cybersecurity Consulting, Cybersecurity Assessment, and Audit Reporting offerings for the entire IT and cloud stack end-to-end
Advanced Cloud4C Cybersecurity Incident and Response (CSIRT) team
Threat Intelligence powered by Industry-leading platforms such as Microsoft, OSINT, STIX&TAXI, MISP, etc. and Cloud4C Threat experts
Considerable threat management expertise in securing large and complex environments and using advanced functionalities of leading industry tools as well as Cloud-Native Security tools
Experience in deploying and managing robust SIEM – helping enterprises to proactively assess vulnerabilities and automate, accelerate incident response
Comprehensive expertise in public managed cloud security services: AWS, Azure, GCP, Oracle Cloud, IBM Cloud
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