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Digital Operational Resilience Act
Need to comply with DORA, but don't know where to start?
The Digital Operational Resilience Act (DORA), introduced by the European Union, aims to ensure that financial entities can withstand, respond to, and recover from ICT (Information and Communication Technology) disruptions and cyberattacks.
Financial entities within scope of DORA need to be compliant by 17th January 2025
The Five Pillars of DORA
Risk
Management
Financial institutions must:
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Conduct regular and thorough risk assessments to identify potential threats and vulnerabilities within their information and communication technology (ICT) systems.
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Create comprehensive incident response plans to effectively handle and recover from ICT-related incidents
Incident
Management
Financial institutions must:
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Establish a clear incident classification to categorise incidents based on their severity and potential impact
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Conduct regular reviews of incidents to identify and implement lessons learned
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Report major ICT incidents to the relevant authorities
Digital Operational Resilience
Financial institutions must:
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Regularly test ICT systems and processes to assess their resilience and identify potential weaknesses
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Simulate different types of disruptions to evaluate the effectiveness of response and recovery plans
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Conduct reviews of test results to identify and implement improvements
Third-Party Risk Management
Financial institutions must:
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Evaluate the risks associated with ICT service providers, ensuring appropriate security standards are met
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Conduct thorough due diligence on third-party providers, including assessing their security practices
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Continuously monitor third-party providers, taking required corrective actions
Information
Sharing
Financial institutions should:
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Share relevant information with competent authorities
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Contribute to the development of threat intelligence by sharing information about observed threats and vulnerabilities
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Participate in information sharing initiatives with other financial institutions and industry stakeholders
How we can help!
01.
DORA Readiness Assessment
02.
Compliance Roadmaps
03.
Risk Assessments & Management
04.
Incident Planning & Exercises
05.
Third-Party Risk Management
We assess your compliance against the requirements of the Digital Operational Resilience Act, identifying gaps and providing contextualised, actionable recommendations. This approach ensures you have the foundations to meet your regulatory requirements and ultimately protect information and further develop your operational resilience.
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