Saudi Insurance establishes ‘Cybersecurity Sub-Committee’

Saudi Insurance has announced the establishment of the ‘Cybersecurity Sub-committee,’ following approval from the ‘Insurance Authority.’ 

This new initiative intends to fortify the cybersecurity framework within the Kingdom’s insurance industry as part of ongoing efforts to align with Saudi Vision 2030’s objectives for digital transformation and enhanced cyber resilience.

The ‘Cybersecurity Sub-committee,’ the tenth of its kind under ‘Saudi Insurance,’ is set to ensure the alignment of cybersecurity measures with the strategic objectives of the Saudi insurance industry, enhancing overall sector resilience against increasing cyber threats.

The Sub-committee will focus on several critical areas such as overseeing the implementation of cybersecurity programs and legislation, evaluating cyber risk management in accordance with established frameworks, regularly reviewing and supporting the cybersecurity strategies of insurance companies to ensure they align with industry-wide goals, and monitoring cybersecurity awareness programs to bolster defenses across the sector.

Fawaz A. Al Hijji, Head of the Executive Committee for insurance companies, said that, “The launch of the Cybersecurity Sub-committee marks a pivotal step in our commitment to ensuring that the Saudi insurance sector remains robust and secure in the digital age. This initiative will bring together key stakeholders to forge a united front against cyber risks, enhancing protection for our citizens and businesses.”

By reinforcing cybersecurity protocols and fostering an environment of continuous improvement and awareness, the Cybersecurity Sub-committee aims to significantly reduce the vulnerability of the insurance sector to cyber-attacks and ensure compliance with both national and international cybersecurity standards, as per the statement.

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