The introduction of DORA in financial sectors
The Digital Operational Resilience Act (DORA) is a significant European regulation designed to enhance the management of IT risks within financial organizations and fortify them against cyber threats. This legislation, slated to take effect in January 2025, aims to uphold the robustness and transparency of capital markets. DORA complements regulations such as GDPR and the upcoming NIS2, specifically targeting the digital resilience of financial institutions.
Why DORA Matters
With the financial sector increasingly reliant on technology for its services, it becomes more susceptible to cyber threats and operational disruptions. DORA plays a pivotal role in addressing these vulnerabilities, ensuring financial organizations have their IT systems in order. By implementing DORA, financial institutions bolster their resilience, which is vital for maintaining market confidence.
Timeline for Compliance
Firms are granted until December 2024 to align with the regulations. Come 17 January 2025, adherence to DORA becomes mandatory across all organizations. Throughout this transition period, bodies such as the AFM and DNB will monitor compliance closely.
Key Areas of Focus Under DORA:
Governance Structure
ICT Risk Management Framework
Incident Reporting Requirements
Resilience Testing
ICT 3rd Parties
At VI Company, we recognize the significance of staying abreast of regulatory changes within the financial sector. We firmly believe that proactive engagement and close collaboration with our clients are imperative to preparing for forthcoming regulations effectively.
Through our services, VI Company plays a crucial role in aiding our clients in achieving and maintaining compliance. We remain vigilant in monitoring DORA developments and are committed to assisting our clients in navigating the new obligations and requirements set forth in the regulation. Our consultants stand ready to assist financial institutions in becoming DORA-compliant across key areas, including assessing current resilience levels, implementing necessary governance structures, identifying gaps, and executing required improvements based on applicable RTS.
Preparing for Success: Your Next Steps with DORA
We urge all financial institutions to commence preparations for the imminent Digital Operational Resilience Act. What steps do you need to take to be ready?
GAP analysis
Improve cyber hygiene and awareness
Ensure effective vulnerability management and patching
Introduce incident detection and response
Develop effective security monitoring and logging
Contact us now to comply with DORA and boost your digital operational resilience.
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