Digital Operational Resilience Act
Digital Operational Resilience Act (DORA)
What is DORA?
The EU regulation known as DORA stands for the "Digital Operational Resilience Act."
DORA is a proposed regulation by the European Commission aimed at enhancing the digital operational resilience of the financial sector within the European Union.
DOAR Also affects companies that service the financial sector due to the increasing scrutiny on supply chain to support financial services compliance standards
The regulation seeks to establish a comprehensive framework for ensuring the operational continuity and security of digital services provided by financial institutions, including banks, investment firms, payment service providers, and stock exchanges. DORA aims to address cybersecurity risks, operational disruptions, and incidents that could impact the stability and integrity of the financial system in the EU.
Key
Key Objectives of Digital Operational Resilience Act (DORA)
Operational resilience
DORA aims to improve the ability of financial institutions to withstand and recover from operational disruptions, including cyberattacks, IT failures, and other incidents that could impact their digital services.
Strengthening cybersecurity
The regulation seeks to enhance the cybersecurity measures and practices of financial institutions to protect against cyber threats and ensure the security of digital systems and data.
Establishing incident reporting requirements
DORA aims to establish clear and consistent incident reporting obligations for financial institutions to enable timely detection, assessment, and response to cybersecurity incidents and operational disruptions.
Promoting information sharing
The regulation encourages information sharing and cooperation among financial institutions, regulators, and relevant stakeholders to enhance collective resilience and response capabilities in the face of cyber threats and operational disruptions.
Ensuring supervisory oversight
DORA introduces supervisory requirements to monitor and assess the operational resilience and cybersecurity practices of financial institutions, with the aim of promoting a robust and resilient financial sector in the European Union.
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Compliance
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What specific cybersecurity measures are financial institutions required to implement under DORA?
The Digital Operational Resilience Act (DORA) proposes that financial institutions implement specific cybersecurity measures to enhance their operational resilience and protect against cyber threats. Some of the key cybersecurity measures that financial institutions may be required to implement under DORA include:
Risk management framework
Establishing a comprehensive risk management framework to identify, assess, and mitigate cybersecurity risks effectively.
Security monitoring and logging:
Implementing security monitoring tools and logging mechanisms to detect and respond to suspicious activities, intrusions, and security incidents.
Security controls
Implementing appropriate technical and organizational security measures to protect digital systems, data, and critical infrastructure from cyber threats.
Access controls
Implementing access controls and authentication mechanisms to ensure secure access to systems and data, and prevent unauthorized access.
Encryption
Implementing encryption technologies to protect sensitive data at rest and in transit, thereby safeguarding against data breaches and unauthorized disclosure.
Patch management
Establishing a patch management process to promptly apply security patches and updates to address vulnerabilities and protect against known threats.
Incident reporting and response
Establishing incident reporting procedures and response protocols to promptly report and address cybersecurity incidents, ensuring timely detection, containment, and recovery.
Cybersecurity incident response plan
Developing and maintaining a cybersecurity incident response plan to outline procedures for detecting, responding to, and recovering from cybersecurity incidents.
