Saudi Arabia: Insurance Authority Cybersecurity Subcommittee Established

Al-Watan, 19 May 2024: The Insurance Authority has approved the establishment of a Cybersecurity Subcommittee.

This initiative aims to strengthen the cybersecurity framework within the Kingdom’s insurance sector.

The Cybersecurity Subcommittee aims to ensure the Saudi insurance sector’s commitment to implementing, supporting, and following up on comprehensive cybersecurity programmes, legislation, and strategic frameworks approved by regulatory authorities.

In its role, the subcommittee will focus on several key areas, including facilitating the integration of new cybersecurity regulations and practices into the daily operations of insurance companies, providing expert guidance, and supervising cybersecurity trends and performance in the insurance sector.

It will also follow up on the implementation of approved cybersecurity programmes and initiatives, and improve collaborative efforts among stakeholders to share best practices on cyber security.

The Chairman of the Executive Committee for Insurance Companies has stated that the creation of the Cybersecurity Subcommittee marks a significant commitment by regulators and stakeholders to safeguard the Saudi insurance sector amid digital transformation.

He has also noted that the committee includes experienced stakeholders and cybersecurity specialists, fostering a collaborative approach. for the full story, click here.

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Saudi Arabia: HR Ministry To Start Wage Protection Service

The Human Resources Ministry and Social Development has announced its decision to implement a Wage Protection Service related to salaries of domestic workers through the Musaned platform.

In the first phase, the Wage Protection Service will be implemented for domestic workers arriving under new contracts, starting from 1 July 2024.

Existing house workers will gradually transition into the system in stages, based on the number of domestic workers each employer has.

By 1 January 2026, all categories of domestic workers will be covered by this service.

This service continues the ministry’s initiatives to develop the domestic workers sector and safeguard the rights of both workers and employers.

It aims to ensure salary payment transparency and facilitate it through digital wallets and approved banks via the ministry’s Musaned platform.

Enhancing the security and reliability of wage transfers preserves the rights of all parties involved in the contracts.

The new service will be implemented for employers with more than four domestic workers starting from 1 January 2025.

For employers with three or more workers, it will begin on 1 July 2025, while those with two or more workers will have it on 1 October 2025.

The service has been available on the Musaned platform since 1 April 2022, receiving positive feedback and interaction from customers and contractual parties.

The service of paying domestic workers’ salaries through specific official channels offers several benefits for the employer.

It improves the verification of salaries, simplifies procedures related to the worker’s termination or travel, and provides protection for both the employer and the worker in case of disputes.

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