To ensure the resilience of financial institutions against digital threats and operational disruptions, the EU has developed and implemented DORA (Digital Operational Resilience Act). This article provides an introduction to how your company should relate to DORA and ensure compliance with the regulations.

What is DORA?

DORA is an EU regulation aimed at strengthening the digital operational resilience of financial entities. It requires that all businesses within the financial sector, including banks, insurance companies, investment firms, and providers of technology services, establish and maintain robust frameworks for IT security. The regulation comes into effect in January 2025.

The Importance of Following DORA

To fulfill the requirements of DORA, businesses must demonstrate that they have adequate mechanisms in place to prevent, detect, respond to, and recover operations after digital attacks and operational disruptions. This includes everything from continuous monitoring and testing of IT systems to ensuring data security and conducting regular risk assessments.

Steps to Comply with DORA

Conduct a Gap Analysis

Start by evaluating current IT systems, security procedures, and risk management. A gap analysis will help you identify areas where your company does not meet DORA requirements. This includes mapping systems critical to the operation of the business, identifying potential threats, and assessing current proactive measures.

Establish a Comprehensive IT Security Framework

To comply with DORA, businesses must implement security measures that include:

• Network Protection: Secure the network infrastructure against unauthorized access and attacks.

• Data Security: Protect sensitive information through encryption and access controls.

• Operational Continuity: Develop and maintain contingency plans to sustain critical services during and after disruptions.

These measures ensure that critical technology and data are protected from threats, and that there are effective mechanisms in place to restore services after any incidents.

Continuous Monitoring and Testing

DORA requires businesses to continuously monitor their systems to detect vulnerabilities and threats in time. Regular tests, including penetration testing and vulnerability scanning, are essential for identifying and addressing weaknesses.

Training and Awareness

Ensure that all employees receive adequate training in security practices and are aware of their role in protecting the business against digital threats. This may include regular security courses and simulations of cyberattacks to test preparedness.

Establish a Reporting Structure

DORA requires businesses to report serious digital incidents to the relevant authorities. Create a clear structure and procedures for how incidents should be reported, including deadlines and responsible persons for the reporting.

Summary

Compliance with DORA is crucial to protect financial businesses from digital threats and operational disruptions. The regulation imposes requirements on everything from security measures and risk management to continuous monitoring and employee training. By following DORA, you ensure not only compliance with the law but also the long-term security and stability of the business in an increasingly digital world.

Procano is Your Partner for DORA Compliance

Procano is your strategic partner in working to meet DORA requirements. We offer expertise in IT security, risk assessment, security training and monitoring, as well as practical guidance to build and implement frameworks that meet regulatory requirements. With us on your team, you can be assured that your business has what it needs to comply with current legislation and is equipped to face digital threats.

References are provided for security reasons only upon request.

Contact us today for a non-binding conversation, and let us help you navigate compliance and IT security.