Digital Operational Resilience Act (DORA)

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Understanding DORA Regulation

The DORA (Digital Operational Resilience Act) regulation is a comprehensive legislative framework aimed at enhancing the operational resilience of the European Union’s financial sector in the digital age.  Envisioned to mitigate risk associated with cyber threats and disruption, DORA establishes a set of guidelines and requirements for financial institutions operating within the EU.


Key Objectives of DORA

1. Enhancing Cyber Security

DORA places a strong emphasis on bolstering cyber security measures within financial institutions.  This includes implementing robust defences against cyber threats, conducting regular risk assessments, and ensuring a proactive approach to addressing potential vulnerabilities.

2. Ensuring Business Continuity

The regulation seeks to guarantee the continuity of critical financial services, even in the face of significant disruptions. Institutions are required to develop and test comprehensive business continuity plans to minimise the impact of operational failures.

3. Strengthening incident reporting

Dora mandates prompt and transparent reporting of significant incidents to relevant authorities.  This proactive reporting approach is crucial for swift intervention and collective efforts to mitigate the impact of potential crises.

Scope of DORA

1. Applicability

DORA applies to a broad spectrum of financial entities, including banks, investment firms, and payment service providers. The regulation takes into account the interconnected nature of the financial ecosystem, ensuring that all relevant entities contribute o the overall resilience of the sector.

2. Cross-Border implications

Given the international nature of the financial industry, DORA addresses cross-border implications. Financial institutions operating across multiple EU member states must adhere to consistent standards, fostering a unified and resilient European financial landscape.

Compliance requirements

1. Risk Management Frameworks

Financial institutions are required to establish robust risk management frameworks that identify, assess and mitigate operational risks. This includes the integration of cyber security measures, incident response plans and regular testing of resilience strategies.

2. Reporting Obligations

DORA imposes clear reporting obligations on financial entities.   Timely and accurate reporting of significant incidents to the relevant authorities is crucial for maintaining transparency and facilitating coordinated responses to potential threats.

Penalties for non-compliance

Financial institutions failing to comply with DORA may face significant penalties. These penalties are designed to incentivise strict adherence to the regulation, ensuring that operational resilience remains a top priority for all entities within the EU financial sector.

What does this mean for me?

The Digital Operational Resilience Act represents a pivotal step towards fortifying the operational resilience of the European Union’s financial sector. By setting clear guidelines, fostering collaboration, and imposing penalties for non-compliance, DORA aims to create a secure and resilient digital environment for financial institutions and their clients.

DORA Action plan

Here is a step-by-step guide that will help your organisation actively implement the DORA legislation for your company.  Contact us to find out about our DORA workshop.

Before Embarking on our journey, it is crucial to have a comprehensive understanding of DORA and its implications.  Familiarise yourself with the key principles and objectives of the legislation to ensure alignment with your company’s values and goals.

Engage employees at all levels to build awareness and understanding of DORA. Conduct training sessions, workshops, and provide resources to ensure everyone is well-informed about the legislation and its potential impact on your operations.

Form a cross-functional task force dedicated to navigating the complexities of DORA implementation.  This team should include representatives from legal, compliance, IT, operations, and any other relevant departments. Foster collaboration and ensure a holistic approach to compliance.

Evaluate how DORA legislation may impact your current operations, products and services.  Identify potential areas of compliance, assess risks, and develop strategies to address any challenges that may arise.

Engage with industry associations, forums, and peer companies to share insights, best practices and collectively advocate for responsible and effective DORA implementation.

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Based on the impact assessment, create a detailed roadmap outlining the steps required for compliance with DORA.  Clearly define timelines, responsibilities and milestones to track progress effectively.

Establish transparent communications channels with stakeholders, including customers, partners and regulators. Keep them informed about your commitment to DORA compliance, progress made, and any changes that may affect them.

Implement a robust monitoring system to track ongoing compliance and performance. Assess regularly the effectiveness of your DORA compliance efforts and make necessary adjustments to ensure continued alignment with evolving regulatory requirements.

Countdown to DORA: The lull before the storm

Watch the replay here

This webinar will give you the opportunity to compare your DORA plans with examples of best practices, understand your obligations under the new regulations, and re-evaluate your data security procedures.

Delivered by senior experts, this 60-minute webinar offers insights into some of the key ‘Hows’ and ‘How-nots’ for companies navigating the compliance landscape.

Countdown to DORA: The lull before the storm. ITF Webinar V2

Press coverage on DORA

24th February 2024, The Fintech Times, Exploring DORA: Countdown to compliance in European Finance 

9th February 2024, Retail Bank International, Explainer: what is DORA, and why must financial institutions act now to ensure compliance?

8th February 2024, Business news,  Financial sector has to get up to speed with Digital Operational Resilience Act (DORA) regulation or risk potential criminal charges 

8th February 2024, Scottish Business news, DORA risk for non-compliant financial sector.

5 July 2023, Professional Security Magazine Online, DORA won’t wait

Interested in a attending a DORA Workshop

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