Secure your financial services with expert guidance on new digital resilience regulation
What is DORA?
The Digital Operational Resilience Act (DORA) is a pivotal regulation introduced by the European Union to elevate the digital operational resilience of financial services. This act mandates that financial entities and their critical ICT third-party service providers comply with stringent requirements to manage and mitigate ICT risks. By enforcing these standards, DORA aims to ensure that financial entities can continue to operate even in the event of systemic cyberattacks, thereby protecting the stability of the financial system. DORA reflects the EU's commitment to safeguarding its financial infrastructure and enhancing the resilience of financial services.
Key requirements
ICT risk management:
Financial entities must implement a comprehensive ICT risk management framework, ensuring that all ICT risks are managed effectively and prudently. The management body of the financial entity is responsible for the ICT risk management framework and its implementation.
Incident classification and reporting:
Financial entities are required to classify and report all ICT-related incidents and significant cyber threats, ensuring timely and effective responses to potential disruptions. Major ICT-related incidents must be reported to the relevant competent authority.
Digital operational resilience testing:
Financial entities must conduct regular digital operational resilience testing, including threat-led penetration testing, to ensure the robustness of their ICT systems. Appropriate testing shall be conducted on all ICT systems and applications supporting critical or important functions at least once per year.
Third-Party risk management:
Financial entities must manage their ICT third-party risk, ensuring that their critical or important functions are not compromised by third-party service providers. This includes adopting and regularly reviewing a strategy on ICT third-party risk.
Information and intelligence sharing:
DORA encourages collaboration among financial entities to share information on cyber threats and intelligence, fostering a more resilient financial services environment.
What you need to know
Understand your obligations:
Familiarize yourself with the specific requirements for your financial entity and ensure compliance with DORA's stringent standards.
Invest in resilience:
Prioritize investment in ICT risk management and resilience measures to not only meet regulatory requirements but also enhance the stability and trustworthiness of your services
Stay informed:
Keep up-to-date with the latest developments in digital operational resilience regulations and best practices to maintain compliance and protect your business from potential threats
Leverage collaboration:
Use the information and intelligence sharing provisions of DORA to enhance your cybersecurity posture and contribute to a more resilient financial ecosystem. Use the information and intelligence sharing provisions of DORA to enhance your cybersecurity posture and contribute to a more resilient financial ecosystem.
DORA is not your endgame:
It’s a starting point. You will need to develop your cybersecurity over time.
By adhering to DORA, you not only ensure compliance but also contribute to a more resilient financial environment, fostering trust and stability for all stakeholders.
The comprehensive whitepaper provides an overview of the latest European cybersecurity regulations, including DORA, NIS2, CRA, and CER. It describes what each of these laws consists of and discusses the consequences of non-compliance, helping organizations understand their obligations and prepare for upcoming legislation. This whitepaper was created by Nixu, a DNV company. DNV, Nixu, and Applied Risk joined forces to form DNV Cyber in 2024, creating one of Europe’s fastest growing cybersecurity services businesses.
In today's financial landscape, the resilience of digital operations is crucial. The Digital Operational Resilience Act (DORA) sets the standard for ensuring that financial entities can continue to operate even in the event of systemic cyberattacks.
DNV Cyber helps you navigate these requirements, providing expert guidance and solutions to achieve compliance and enhance your operational resilience. By prioritizing your digital operational resilience, you not only build trust with your stakeholders but also ensure your financial services are compliant, competitive, and ready to succeed in the EU market.
Expert guidance for DORA compliance
We provide expert guidance to help you navigate the complexities of DORA. Our deep understanding of DORA's requirements, combined with our proficiency in implementing, developing, and testing financial services compliant with the latest standards, ensures that your operations not only achieve compliance but also exhibit resilience and security. By partnering with us, you can confidently bring secure, compliant, and competitive financial services to the EU market.
Increasing trust in your financial service providers is crucial for continued success in the EU market. To comply with the Digital Operational Resilience Act (DORA), it's essential to have a structured approach and to embed resilience throughout your operations. This means starting with robust ICT risk management, conducting thorough incident reporting, and maintaining effective resilience testing practices.
