Opening Speech of His Excellency the Governor to the Second Workshop on Information Security in the Banking Sector

Good morning,

I am pleased to welcome you to the Second Workshop on Information Security in the Banking Sector, which will address issues and developments in the field of information security and discuss the most important security challenges posed to the banking sector. This is our second meeting and I had the pleasure of opening the first workshop in this place last year.

Dear Audience,

The Saudi banking sector enjoys a sophisticated infrastructure for electronic banking transactions. Banks operating in the Kingdom have positively expanded in utilizing technology to provide their banking services and products electronically and through the Internet. In recognition of risks and threats associated with banking transactions and due to the development in the means and methods of electronic fraud and hacking, SAMA and banks have continuously worked on strengthening security aspects of the banking systems and effective investment in information security.

In addition to issuing regulations and legislation such as the e-Banking Rules, issued in 2011, and ensuring the compatibility of the Saudi banking sector with international standards and requirements, such as Payment Card Industry (PCI) standard, SAMA has worked with banks on establishing separate departments specialized in information security, managed by national cadres, with continuous attention given to training nationals specialized in the field of information security.

The role of the Committee on Banking Information Security, which comprises officials of information security in SAMA and banks operating in the Kingdom, has been enhanced so as to have effective impact on the development and follow-up attention paid to information security in the banking sector. Many effective initiatives have been taken by the Committee. This workshop in its second year and its continuation in the years to come, God willing, is one of these initiatives.

Given the importance of education and awareness regarding the importance of maintaining and protecting banking information, SAMA established the Committee on Awareness and Information. Among its functions is raising awareness about the importance of maintaining personal banking information of customers. We continue to emphasize that banks and financial institutions need to intensify efforts to educate customers on ways of safe and secure dealing with modern technologies and the importance of maintaining and protecting their personal and banking information.

In continuation of the attention given to information security in the banking sector, SAMA is currently participating with banks operating in the Kingdom to prepare a comprehensive strategy for information security in the banking sector. This strategy will aim at achieving effective protection against internal and external threats and will be accompanied by development and consolidation of all information security-related policies, regulations and procedures in line with international standards and information security frameworks. SAMA will ensure that banks operating in the Kingdom implement those policies and standards.

Dear audience,

Before concluding, I have to say that despite banks� ongoing and outstanding progress in the field of information security, challenges are still greater and we will not be able to confront them without continued cooperation and coordination, working on the use of the latest technologies and the application of the best standards to achieve  a secure IT environment for banking transactions.

Finally, I would like to thank you for attending and listening and I wish you good luck and success in your workshop.