What It Is

MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines issued by the Monetary Authority of Singapore for financial institutions. They provide principles-based guidance on technology and cyber risk governance, controls, and resilience. The primary purpose is to promote sound practices ensuring confidentiality, integrity, and availability (CIA) of systems and data, with proportional implementation based on risk profile and complexity.

Key Components

• 15 main sections covering governance, risk frameworks, secure development, IT service management, resilience, access controls, cryptography, data security, cyber operations, assessments, and audit.
• Synthesised 12 core principles including board accountability, asset inventories, third-party oversight, and layered defences.
• No fixed control count; emphasises outcomes via defence-in-depth and continuous improvement.
• Compliance model relies on supervisory review, not formal certification.

Why Organizations Use It

Financial institutions adopt MAS TRM for regulatory alignment, as MAS considers observance in supervision. It mitigates cyber threats, enhances resilience, and supports digital transformation. Benefits include reduced incident impact, board assurance, and stakeholder trust amid rising threats.

Implementation Overview

• Phased approach: governance setup, asset inventory, risk assessment, control deployment, testing, third-party management.
• Applies to all MAS-supervised FIs, scaled by size/complexity.
• Requires internal audit; no mandatory external certification but evidence for supervision.

What It Is

SAMA Cyber Security Framework (SAMA CSF) Version 1.0 is a mandatory regulatory framework issued by the Saudi Central Bank in 2017. It establishes principle-based, risk-driven cybersecurity requirements for financial institutions, focusing on governance, risk management, operations, and third-party security to ensure resilience against cyber threats.

Key Components

• Four core domains: Leadership & Governance, Risk Management & Compliance, Operations & Technology, Third-Party Security.
• Over 100 sub-controls organized into principles, objectives, and control considerations.
• Six-level maturity model (Level 0-5), mandating at least Level 3 (structured policies, standards, procedures monitored via KPIs).
• Aligned with NIST CSF, ISO 27001, PCI DSS, and Basel; self-assessment and SAMA audits for compliance.

Why Organizations Use It

• Mandatory for SAMA-regulated entities (banks, insurers, fintechs) to avoid fines, license risks.
• Enhances cyber resilience, reduces breach impacts, supports Vision 2030 digital goals.
• Builds board-level accountability, stakeholder trust, competitive edge in Saudi finance.

Implementation Overview

• Phased roadmap: gap analysis, governance setup, control deployment, continuous monitoring.
• Applies to all Saudi financial institutions; involves documentation pyramid, training, audits.
• No external certification; relies on periodic self-assessments and SAMA reviews. (178 words)