The Digital Operational Resilience Act (DORA) is an EU regulation that entered into force on 16 January 2023 and will apply as of 17 January 2025. It aims to strengthen the IT security of financial entities such as banks, insurance companies, and investment firms and ensure that the financial sector in Europe stays resilient in the event of a severe operational disruption. DORA brings harmonisation of the rules relating to operational resilience for the financial sector applying to 20 different types of economic entities and ICT third-party service providers.
Broad compliance expectations are given in 5 domains. ICT Risk Management and Governance are split (in the below infographic) into two. Governance Framework is fundamental for Risk Management.
While compliance adds value to businesses by enhancing their resilience, being a regulation there are defined non-compliance fines, sanctions, and other penalties.
Risk Management of Information & Communication Technology is the Critical pillar of DORA Compliance
Business Continuity & Disaster Recovery Testing to ensure the Resilience levels
Sharing of information helps all stakeholders to take preventive steps and more resilient
We are flexible, approachable, and supportive. We can play multiple roles;
