Ahmed Alkholifey, the governor of the Saudi Arabia Monetary Authority (SAMA), stressed the need to create a strong financial system which includes a safer and more reliable environment by applying best practices with regard to cybersecurity.
Alkholifey predicted that the G20 meetings in Saudi Arabia will witness the launch of tools that enhance cyber security.
“We want to focus on cybersecurity, as it is considered important for financial stability in an accelerating world,” he said, explaining that all sides in the financial sector share the responsibility with respect to this aspect.
He made his remarks during Saudi Arabia’s Global Cybersecurity Forum.
The two-day forum was organized by the National Cybersecurity Authority in the Kingdom and has witnessed some 3,500 participants, including policymakers to executives from global tech companies.
“The digital transformation is witnessing an unprecedented acceleration, which opens many opportunities not only in the financial sector, but also in all sectors,” he said, adding that “the technological revolution increases and expands the financial sector systems.”
The financial sector, according to Alkholifey, witnessed an increase in the use of technologies to facilitate procedures and change business models, leading to a faster and more advanced financial system.
"New technologies have become influential in the financial industry,” he reaffirmed.
“Financial technologies have become the backbone of economies, and we as a central bank pay attention to these developments and the consequences that come with these technologies in the financial sector,” he noted at the forum.
The forum concluded its activities by issuing the Riyadh Cybersecurity Statement, which urged all stakeholders to support a number of goals and recommendations aimed at joining efforts towards a better cyberspace for everyone.
The National Cyber Security Authority also signed MoUs with NEOM, global safety science company UL, as well as the King Abdullah University of Science and Technology.
The MoUs were set in order to cooperate in strategic partnerships, raise the level of research and development, and build more secure cybersecurity systems.
