How Wadaie Boosted Compliance, Security & Trust with COGNNA

Company Profile

Wadaie (ودائع) is a pioneering platform in Saudi Arabia that connects customers with Saudi banks, simplifying access to time deposits and internal deposit products.

Initially conceived by experienced treasury traders, Wadaie aimed to bridge the gap between customers and Saudi banks, becoming the first specialized platform in time deposits and internal deposit products.

The platform allows individuals to secure the best deposit returns in just three straightforward steps:

1. Open a deposit account
2. Choose the investment period
3. View profits and manage money

Through the deposit account, customers can easily invest in Sharia-compliant deposits in all banks authorized by the Saudi Central Bank.
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The Challenge: Securing a Growing Platform

As Wadaie scaled, handling increasing amounts of sensitive financial data became a critical concern. Ensuring top-tier security was foundational for earning and maintaining the trust of both customers and banking partners.

Wadaie needed to protect customer financial information and ensure compliance with Saudi Arabia's stringent regulatory standards, particularly those set by the Saudi Arabian Monetary Authority (SAMA).

The founders recognized the high stakes involved if their platform became a target for cyberattacks or failed to meet compliance requirements. They needed a partner that could grow with them, offering peace of mind and protecting their entire operation.

The challenges Wadaie faced included:

• Ensuring Compliance with SAMA Regulations: They needed to meet Saudi Arabia’s stringent regulatory standards, such as those set by SAMA.
• Protecting Sensitive Financial Data: The platform dealt with increasing amounts of sensitive financial data, requiring robust protection.
• Building and Maintaining Customer Trust: Cybersecurity was a foundational pillar for earning and maintaining the trust of their customers.
• Mitigating Cyberattack Risks: There was a significant concern about the platform becoming a target for cyberattacks.
• Scaling Security with Platform Growth: They needed a security partner that could grow with them as their platform expanded.
• Avoiding Service Disruptions: Ensuring their platform ran smoothly without interruptions was crucial for operations.

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Interested in securing your growing fintech platform like Wadaie? Request a COGNNA Demo

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The Turning Point: Partnering with COGNNA

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The Solution: Partnering with COGNNA

Wadaie chose COGNNA, an Agentic AI Security Operations Center (SOC) platform with a deep regional understanding of the stringent needs for both cybersecurity and compliance in Kingdom.

COGNNA's seamless approach to managed security services offered assurance by integrating vulnerability management, data protection, and regulatory compliance into one platform, designed to provide far more than legacy cybersecurity that necessitates a large SOC analyst team.

COGNNA's cybersecurity services integrated Wadaie's platform to address their security and compliance needs. The implementation focused on:

• Regulatory Compliance: COGNNA helped Wadaie stay compliant with all regulatory requirements, most importantly, SAMA audits. This supported them in increasing their maturity levels in areas like event management, incident management, threat management, and asset management.
• Vulnerability Management: Automatic vulnerability scanning identified and addressed threats proactively. This helped Wadaie  achieve SAMA cybersecurity framework compliance and increased their maturity levels in areas like vulnerability management.
• Full Data Protection: Continuous data protection ensured the platform ran smoothly without interruptions or malfunctions.
• Unified Platform: COGNNA provided an all-in-one solution for vulnerability management, data protection, and regulatory compliance, reducing complexity and eliminating the need for multiple, disjointed systems.

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The Impact: Strengthening Trust, Empowering Growth

With COGNNA, Wadaie gained confidence, allowing their team to focus on connecting customers with Saudi banks.

The ease of use and comprehensive nature of COGNNA's platform eliminated the need for multiple, disjointed security solutions.

COGNNA helped Wadaie protect its data and customer data by scanning and ensuring there were no vulnerabilities before they occurred.

This comprehensive protection, coupled with simplified operations, meant Wadaie could concentrate on its core mission of helping customers secure the best deposit returns.

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Ready to strengthen your fintech security with AI-powered protection? Contact COGNNA's Team!

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The Future: A Platform Built on Trust

COGNNA has enabled Wadaie to establish itself as a secure, reliable, and trusted platform.

Customers have peace of mind that their financial data is protected, and banks are confident in Wadaie's ability to maintain compliance.

Wadaie continues to grow as a trusted platform in Saudi Arabia's financial sector, with COGNNA ensuring a secure and seamless financial future.

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“COGNNA has been a game-changer for us. It’s easy to use, comprehensive, and provides multiple services on one platform. We’ve been able to ensure our compliance and protect our data, all without adding complexity to our environment. We highly recommend COGNNA to any fintech company looking to strengthen their security posture.”
— Wadaie ’s Founders

Ensure Fintech Compliance & Security

Stay ahead of SAMA regulations and protect sensitive financial data with COGNNA’s AI SOC platform.