Middle East Regulatory Policy Brief

Covering Hajj 1447H, Cybersecurity, National Readiness, Artificial Intelligence, Capital Markets. Explore updates on Hajj 1447H cybersecurity measures, IOSCO’s AI Supervisory Toolkit for capital markets, and national readiness initiatives addressing AI risks and cyber threats.

Show Notes

This episode covers key regulatory developments impacting the Middle East’s Hajj 1447H season, cybersecurity enhancements, national readiness, artificial intelligence governance, and capital market oversight.

The International Organization of Securities Commissions (IOSCO) released a comprehensive Supervisory Toolkit targeting AI systems in capital markets. This toolkit addresses the AI lifecycle, including governance, risk management, third-party risks, disclosure, recordkeeping, and reporting duties for regulated entities. IOSCO emphasizes the importance of monitoring AI adoption to mitigate complexity, transparency issues, and cyber threats, supporting investor protection and market integrity.

In Saudi Arabia, the National Cybersecurity Authority has launched a robust cybersecurity program for the 1447 Hijri Hajj season. This initiative includes four main tracks: continuous threat monitoring via a 24/7 cyber operations center, risk assessments, cyber exercises, and awareness campaigns involving over 300 national entities. The program focuses on securing critical infrastructure and services for pilgrims, deploying specialized incident response teams, and maintaining an inventory of Hajj-related assets and technical systems to strengthen the national cybersecurity posture during this significant event.

For more information, visit the Carver Agents website.

Articles mentioned:
  1. IOSCO publishes AI Supervisory Toolkit
  1. الهيئة الوطنية للأمن السيبراني خلال موسم حج 1447هـ .. مسارات رئيسية لتعزيز الجاهزية السيبرانية على المستوى الوطني وتأمين الخدمات المقدمة لضيوف الرحمن

What is Middle East Regulatory Policy Brief?

Regulatory news, updates, and insights for countries in the Middle East presented by the Carver Agents team

Welcome to Carver's Middle East Regulatory Updates.

The International Organization of Securities Commissions, or IOSCO, has published a new Supervisory Toolkit addressing artificial intelligence systems in capital markets. This toolkit covers the entire AI lifecycle, including governance, risk management, third-party risk, disclosure, recordkeeping, and reporting requirements for regulated entities. IOSCO highlights the growing use of AI technologies in financial markets and the associated risks such as complexity, transparency challenges, and cyber threats. The toolkit urges supervisors to consider these potential AI risk areas, use the provided tools for oversight, and actively monitor AI adoption while engaging with market participants. This initiative aims to support investor protection and maintain market integrity.

Turning to Saudi Arabia, the National Cybersecurity Authority has implemented a comprehensive cybersecurity enhancement program for the 1447 Hijri Hajj season. This program comprises four main tracks: threat monitoring, risk assessments, cyber exercises, and awareness raising. Over 300 national entities are involved to ensure the protection of critical infrastructure and services provided to pilgrims. Key operational measures include a 24/7 cyber operations center dedicated to threat monitoring and analysis, specialized incident response teams for cyber incidents, and a thorough inventory and assessment of assets and technical systems related to Hajj services. This effort aims to reduce cyber risks and strengthen the national cybersecurity posture during this high-profile event.

That wraps up today's regulatory updates. Visit carveragents.ai for more information.