Saudi Arabia’s financial sector has always been a beacon of progress, and with the introduction of the Financial Entities Ethical Red Teaming (FEER) Framework, it’s taking a giant leap toward cybersecurity excellence. The Saudi Arabian Monetary Authority (SAMA) has crafted this forward-thinking framework as a strategic initiative to elevate the cybersecurity defenses of banks, insurance companies, and financial institutions. FEER is not just another compliance mandate—it’s a bold move to simulate real-world cyber-attacks, allowing organizations to proactively identify and address vulnerabilities before malicious actors can exploit them.
We couldn’t be prouder of this new framework, and this blog aims to provide an honest and optimistic review of how FEER is set to transform the financial sector’s approach to cybersecurity. We’ll explore how it aligns with SAMA’s Cybersecurity Framework (CSF) and the tangible benefits it offers in building regulatory compliance, boosting cyber resilience, and enhancing overall preparedness for financial institutions.
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Why SAMA FEER Framework is a Game-Changer for Saudi Financial Institutions
Cybersecurity isn’t just a technical concern—it’s a boardroom priority. Financial institutions are the custodians of sensitive financial data and critical transaction systems, making them high-value targets for cybercriminals. The impact of a successful cyber-attack can be devastating, leading to operational disruptions, financial losses, and reputational harm.
SAMA’s Cybersecurity Framework (CSF) has long set the benchmark for rigorous cybersecurity controls, emphasizing prevention, detection, and response. However, FEER takes this a step further by providing a platform to test these controls in a real-world scenario, transforming theoretical defenses into verified strengths. It shifts the narrative from merely meeting compliance to mastering cybersecurity.
What Sets SAMA FEER Framework Apart?
Traditional penetration testing is useful but often limited in scope, focusing on specific systems or assets. The FEER Framework, on the other hand, employs Red Teaming—a holistic approach that simulates full-scale, targeted cyber-attacks on the entire organization. This isn’t just about finding vulnerabilities; it’s about mimicking real-world attacker behaviors to assess the institution’s resilience against sophisticated threats.
Red Teaming under FEER involves certified cybersecurity professionals who attempt to breach an organization’s defenses using advanced techniques. Throughout the exercise, only a select few within the organization (the White Team) are aware of the test, keeping the security operations team (the Blue Team) on their toes as they respond to the simulated attack. This approach ensures an unbiased and realistic evaluation of the institution’s detection, response, and recovery processes.
SAMA FEER’s Structured Four-Phase Approach
The brilliance of FEER lies in its structured methodology, comprising four critical phases:
1. Preparation Phase
SAMA’s Green Team appoints a Test Manager and coordinates with the White and Red Teams to ensure all aspects of the exercise are planned meticulously. The Member Organization sets the scope, objectives, and rules of engagement, ensuring the exercise is safe, controlled, and strategically aligned.
2. Scenario Phase
The Red Team, alongside the Green and White Teams, develops realistic attack scenarios based on the latest threat intelligence. These scenarios are not just hypothetical—they are crafted to mirror the tactics of real-world cyber adversaries, providing a genuine test of the institution’s readiness.
3. Execution Phase
This is where theory meets practice. The Red Team executes the approved attack scenarios, and the Blue Team’s response is monitored closely. The exercise is as close to a real-world cyber-attack as possible, with all actions logged for detailed analysis in the Lessons Learned phase.
4. Lessons Learned Phase
This phase is a masterclass in continuous improvement. The Red, Blue, and White Teams come together to review the entire exercise. The focus is not only on identifying weaknesses but also on celebrating the strengths and building a roadmap for enhanced resilience. SAMA encourages sharing anonymized insights across the sector to uplift the collective defense capabilities of all financial entities.
How Reconn Elevates the FEER Framework
At Reconn, we are enthusiastic about the FEER Framework and the value it brings to Saudi Arabia’s financial institutions. Our expertise in Continuous Threat Exposure Management (CTEM) and Red Teaming services aligns perfectly with FEER’s objectives, offering tailored solutions to help organizations meet and exceed regulatory expectations.
1. Continuous Threat Exposure Management (CTEM)
Our CTEM service is designed to provide a dynamic and proactive approach to threat management. It offers continuous insights into emerging threats, enabling organizations to prioritize vulnerabilities effectively. This approach complements the FEER framework’s focus on using real-world threat intelligence for scenario development and execution.
2. Red Teaming Excellence
Reconn’s Red Teaming services are conducted by certified ethical hackers who simulate genuine cyber-attack scenarios. We provide a realistic test of your organization’s defenses, offering invaluable insights to enhance detection and response capabilities in line with the FEER framework.
3. Building a Cyber Resilient Future
Combining our CTEM and Red Teaming services, Reconn supports financial institutions through every phase of the FEER framework. From meticulous preparation to actionable insights in the Lessons Learned phase, we help ensure compliance with SAMA’s guidelines and foster a culture of cyber resilience.
Conclusion: SAMA FEER Framework - A Bold Step Forward
The FEER Framework is more than just a regulatory requirement—it’s a forward-thinking approach that positions Saudi Arabia’s financial institutions at the forefront of global cybersecurity practices. It enhances not only compliance but also builds genuine resilience, transforming how financial institutions approach their cybersecurity strategies.
By choosing Reconn as a strategic partner, financial institutions gain access to industry-leading services that support FEER implementation with precision and expertise. Our CTEM and Red Teaming solutions provide a strategic edge, enabling institutions to not only meet regulatory standards but set a new benchmark for cybersecurity excellence.
In a digital era where threats evolve rapidly, the FEER framework offers a proactive and structured approach to cybersecurity. With Reconn’s support, Saudi financial institutions can confidently navigate the complexities of ethical Red Teaming, ensuring they remain a step ahead of potential threats and maintain their reputation as pillars of trust and security in the financial world.
Stay Ahead or Stay Hacked: The CTEM Advantage
Cyber threats don’t wait, so why should you? reconn’s Continuous Threat Exposure Management (CTEM) keeps you ahead with:
EASM – Find what’s exposed before attackers do.
RBVM – Fix what actually matters, not just what’s loud.
ASPM – Secure apps at every stage, not just before release.
CSPM – Cloud misconfigs? Not on our watch.
PTaaS – Real-world attack simulations, on demand.
