DORA Regulation Compliance

Strengthen Your Resilience: DORA Compliance with Confidence

The Digital Operational Resilience Act (DORA), which became effective on 17 January 2025, marks a critical evolution in the cybersecurity landscape for financial institutions. Designed to enhance the financial sector’s IT resilience, DORA requires businesses to adopt robust digital practices that protect their infrastructure and ensure business continuity amidst escalating cyber threats.

As a cybersecurity management expert with a proven track record, I am here to provide cost-effective, tailored solutions that help financial institutions and their IT partners navigate DORA’s requirements efficiently and effectively.

Who does the DORA regulation apply to?

DORA applies to the EU’s financial sector and suppliers (worldwide) of ICT services to that sector.

Article 2 sets out the entities to which DORA applies, Article 2 (2) defines these entities as “Financial entirities”

      • credit institutions
      • payment institutions, including payment institutions exempted pursuant to Directive (EU) 2015/2366;
      • account information service providers;
      • electronic money institutions, including electronic money institutions exempted pursuant to Directive 2009/110/EC;
      • investment firms;
      • crypto-asset service providers as authorised under a Regulation of the European Parliament and of the Council on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (‘the Regulation on markets in crypto-assets’) and issuers of asset-referenced tokens;
      • central securities depositories;
      • central counterparties;
      • trading venues;
      • trade repositories;
      • managers of alternative investment funds;
      • management companies;
      • data reporting service providers;
      • insurance and reinsurance undertakings;
      • insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries;
      • institutions for occupational retirement provision;
      • credit rating agencies;
      • administrators of critical benchmarks;
      • crowdfunding service providers;
      • securitisation repositories;
      • ICT third-party service providers.

    Article 4 implements a proportionality principle that limits applicability “taking into account their size and overall risk profile, and the nature, scale and complexity of their services, activities and operations.” with the following exceptions as laid out in Article 2(3):

      1. Managers of alternative investment funds as defined in Article 4(1), point (b), of Directive 2011/61/EU; as referred to in Article 3(2) of Directive 2011/61/EU;
      2. Insurance and reinsurance undertakings as referred to in Article 4 of Directive 2009/138/EC;
      3. Institutions for occupational retirement provision which operate pension schemes which together do not have more than 15 members in total;
      4. Natural or legal persons exempted pursuant to Articles 2 and 3 of Directive 2014/65/EU;
      5. Insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries, which are microenterprises or small or medium-sized enterprises;
      6. Post office giro institutions as referred to in Article 2(5), point (3), of Directive 2013/36/EU.

     

    The Five Pillars of DORA Compliance

    DORA is built on five foundational concepts that define operational resilience:

    1. Risk Management: Establish comprehensive frameworks to identify, assess, and mitigate IT-related risks, including those in supply chains and cloud infrastructure.
    2. Testing Resilience: Implement regular stress tests, penetration testing, and vulnerability assessments to ensure your systems can withstand disruptions.
    3. Incident Reporting: Develop robust processes for incident detection, reporting, and response to ensure transparency and minimize impact.
    4. Third-party Risk Management: Monitor and formalize agreements with ICT providers to mitigate supply chain risks and maintain operational integrity.
    5. Information Sharing: Foster cooperation and reporting across the sector to strengthen collective resilience and response capabilities.

     

    risk, management, assessment
    hook, check mark, yes
    A single hand emerges from water, symbolizing a cry for help amidst a rainy setting.
    A single hand emerges from water, symbolizing a cry for help amidst a rainy setting.
    online collaboration, virtual teamwork, remote work

    Risk Management

    Testing Resilience

    Incident Reporting

    3rd Party
    Risk Management

    Information Sharing

    Achieve Compliance with Expert Guidance

    Becoming DORA-compliant is a multi-step process that requires a clear understanding of your current cybersecurity posture and the ability to bridge the gaps. I offer:

    • Gap Analysis: Understand where your organization stands relative to DORA’s standards.
    • Risk Assessment: Identify vulnerabilities across your systems, processes, and third-party relationships.
    • Policy Creation: Develop actionable policies and procedures that align with DORA’s requirements and your operational needs.

    With my expertise in IT Security Management and a focus on tailored, cost-effective solutions, I provide the skills and support your business needs to thrive under DORA’s framework.

    DORA Compliance Checklist

    This checklist can serve as both a self-assessment tool and a roadmap to ensure compliance. Feel free to reach out for tailored support if you need help undertaking a gap analysis or implementing these steps.

    1. Risk Management

    • Conduct a comprehensive IT risk assessment to identify vulnerabilities in digital infrastructure, cloud systems, and supply chains.
    • Develop a robust IT risk management framework.
    • Establish clear processes for ongoing risk monitoring and mitigation.
    • Regularly review and update risk management policies to address emerging threats.

    2. Testing Resilience

    • Schedule and perform periodic stress tests, penetration testing, and vulnerability assessments.
    • Develop a comprehensive incident response plan.
    • Conduct regular simulations to test your incident response procedures.
    • Train employees on incident response protocols and test their readiness.

    3. Incident Reporting

    • Establish processes for identifying and documenting cybersecurity incidents.
    • Define clear timelines and procedures for incident reporting to regulatory authorities.
    • Create a post-incident review mechanism to improve future resilience.
    • Maintain transparent communication with stakeholders during and after incidents.

    4. Third-party Risk Management

    • Identify critical ICT service providers and evaluate their compliance with DORA requirements.
    • Formalize agreements with third-party providers, ensuring they meet DORA’s standards.
    • Include service level commitments, security measures, and incident reporting clauses in vendor contracts.
    • Regularly audit third-party providers to verify ongoing compliance.

    5. Information Sharing

    • Participate in industry-level information-sharing initiatives.
    • Establish internal processes for securely sharing information about threats and incidents with regulators and peers.
    • Ensure all staff are aware of the importance of timely and accurate reporting.

    6. Governance and Oversight

    • Assign clear roles and responsibilities for DORA compliance within your organization.
    • Establish an internal governance structure to monitor compliance activities.
    • Develop and maintain comprehensive documentation of compliance efforts.
    • Regularly review and update governance policies and processes.

    7. Employee Training and Awareness

    • Conduct regular training sessions on DORA requirements and cybersecurity best practices.
    • Ensure staff are aware of their roles in maintaining operational resilience.
    • Provide specialized training for incident response teams and IT staff.

    8. Documentation and Reporting

    • Maintain up-to-date documentation on all aspects of your operational resilience program.
    • Ensure all tests, audits, and assessments are well-documented for regulatory review.
    • Report compliance progress and any breaches to relevant authorities promptly.

    9. Continuous Improvement

    • Conduct regular reviews of your operational resilience framework.
    • Stay informed about changes to DORA requirements and emerging threats.
    • Implement lessons learned from incidents, tests, and audits to enhance resilience.

     

     


    Your Path to DORA Compliance Starts Here

    Meeting DORA’s requirements is not just about compliance—it’s about building resilience, protecting your operations, and gaining the trust of your customers and partners. Schedule a consultation today, and let’s create a roadmap to DORA compliance that aligns with your business goals.

     

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