Saudi Capital Market Systems Remain Resilient Amid Global Technical Outage
In the midst of a global technical outage on July 19 that disrupted various services worldwide, Saudi Arabia’s capital market systems stood strong and resilient.
The Capital Market Authority in Saudi Arabia swiftly coordinated with market stakeholders to ensure minimal disruption and maintain operational efficiency during the outage.
Despite the challenges posed by the technical issues, the CMA confirmed that its systems were fully operational and ready to support investors during trading sessions on July 21.
The widespread disruptions, triggered by a software update from cybersecurity firm CrowdStrike, affected multiple sectors globally.
In response to the incident, the CMA instructed listed companies on the Saudi capital market to disclose any significant developments related to the outage, emphasizing the importance of transparency and communication.
The Saudi Exchange reassured investors of the reliability and readiness of its systems to provide continuous service, instilling confidence in the market’s stability.
Saudi Arabia’s National Cybersecurity Authority reported that the impact of the outage on the Kingdom was limited, thanks to exceptional measures taken to monitor threats and cyber risks proactively.
The Saudi Central Bank affirmed that its payment and banking infrastructure remained unaffected by the outage, highlighting its adherence to international cybersecurity standards and commitment to ensuring business continuity.
The Saudi Data and Artificial Intelligence Authority also confirmed that its systems, along with national systems hosted in the Kingdom, were not affected by the global technical failure, underscoring the importance of robust cybersecurity measures.
The incident has sparked discussions on the significance of cybersecurity and resilience in critical infrastructure, prompting organizations to reevaluate their strategies and safeguards to prevent future disruptions.
Aligned with the Kingdom’s Vision 2030, Saudi Arabia continues to prioritize cybersecurity investments to enhance digital infrastructure and protect national assets from evolving cyber threats, emphasizing the importance of proactive measures to safeguard against potential risks.