Home GCC Saudi Arabia Saudi’s insurance sector unscathed by Microsoft, CrowdStrike outage, says IA In Saudi Arabia, the IA issued a statement in Arabic to confirm the integrity and safety of its systems and the systems of the sector by Gareth van Zyl July 20, 2024 Credit: Getty Images Saudi Arabia’s new Insurance Authority (IA) says it — along with the country’s insurance sector — was unaffected by Friday’s massive global tech outage. On Friday, a software update from cyber security firm CrowdStrike wreaked havoc with the patch sparking off downtime on Microsoft and Windows systems that are used by critical infrastructure players, such as airports, banks and even media broadcasters. Both CrowdStrike and Microsoft subsequently said that a fix had been issued. But experts have warned that it could take days before critical systems across the globe are up and running again because some of these systems must be manually fixed. In Saudi Arabia, the IA issued a statement in Arabic to confirm “the integrity and safety of its systems and the systems of the Saudi insurance sector” and that it had “not been affected by the recent global technical outage.” “The Insurance Authority emphasises that the Saudi insurance sector applies the highest technical and operational standards, in accordance with the best global practices, ensuring the protection and safety of the Saudi insurance sector’s systems,” said the IA. “This assurance from the Insurance Authority highlights the importance of developing and enhancing technical systems continuously, leveraging the best technologies, and supporting cybersecurity systems. “The authority continues to adopt the latest technologies to ensure the seamless service of its executives, facilitating their operations with the easiest and most up-to-date tools and methods,” the IA added. #هيئة_التأمين تؤكد سلامة أنظمتها وأنظمة قطاع التأمين في المملكة. pic.twitter.com/MfkHsXtobM — هيئة التأمين | Insurance Authority (@IA_GOV) July 19, 2024 Newly established The IA was established late last year in the Kingdom, following a royal decree, with it officially starting its activities on 23 November 2023. The IA has a mandate to become the dedicated regulator for the Kingdom’s insurance sector, according to its website. “The IA aims to regulate, supervise and control the insurance sector in the Kingdom in a way that supports and enhances its effectiveness, works to develop insurance awareness, protect the rights of the insured and beneficiaries, stabilise the insurance sector, contribute to financial stability, promote and develop the insurance sector, and work to consolidate the principles and pillars of the insurance contractual relationship,” says a note on the IA’s website.
