Saudi Monetary Authority Launches Cyber-Security Training Program

The SAMA logo.
The SAMA logo.
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Saudi Monetary Authority Launches Cyber-Security Training Program

The SAMA logo.
The SAMA logo.

Saudi Arabian Monetary Authority (SAMA) announced the launch of the second version of its cyber-security training program.

The program, dubbed Secure 18, is scheduled to start Monday in order to prepare national cadres for taking cyber-security positions in the financial sector, as well as other sectors. The initiative, held for the second year in a row, is part of the Financial Sector Development Program's efforts to help push Vision 2030 forward.

SAMA explained that the 26-week program will be held in Saudi Arabia and United States, through which 26 trainees will attend seminars, meetings and scientific and practical training delivered by international experts.

The Authority illustrated that the acceptance process in the program went through several systematic phases of assessment that encompass about 8,000 computer science and information technology graduates from local and foreign accredited universities.

It explained that the first phase will begin in Riyadh for five weeks through which trainees will learn the fundamental concepts of cyber-security, as well as basic skills. They will then travel to the United States to begin the second phase, which lasts 19 weeks, during which they will develop their technical specialization.

Trainees will be divided into four technical tracks: defense and protection, penetration test, Pascal structure and governance and risk management. They will be motivated to research and increase their cyber-security knowledge. The second phase includes intensive practical and on-the-job training, seminars, discussion panels and guidance.

In the final phase, participants will be trained to encounter real cyber-attacks and project management through real-time simulation experience. This phase includes visits to legislative and supervisory authorities in the Kingdom.

In January 21, SAMA graduated 19 students (both male and female) who underwent intensive training for six months and a half in Saudi Arabia, the United State and United Kingdom.

The graduates were eventually recruited by SAMA, the Ministry of Finance, General Authority of Zakat and Tax, General Authority of statistic and Saudi Customs, as well as the banking sectors.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.