Digital Operational Resilience Act (DORA) Compliance
Resecurity and Compliance with the Digital Operational Resilience Act (DORA) - Regulation (EU) 2022/2554
The Digital Operational Resilience Act (DORA), officially known as Regulation (EU) 2022/2554, is a pivotal European Union regulation designed to enhance the digital operational resilience of financial entities. Enacted on January 16, 2023, with enforcement commencing on January 17, 2025, DORA aims to ensure that financial institutions can withstand, respond to, and recover from information and communication technology (ICT)-related disruptions.
DORA applies to a broad spectrum of financial entities, including banks, insurance companies, investment firms, and critical third-party ICT service providers. Its primary objective is to establish a comprehensive framework for managing ICT risks, thereby safeguarding the stability and integrity of the EU's financial system.
Resecurity offers a suite of solutions tailored to assist financial entities in meeting DORA's stringent requirements:
Resecurity provides robust ICT risk management tools that facilitate continuous monitoring, detection, and response to cyber threats. These tools are essential for implementing the protection, detection, containment, recovery, and repair measures mandated by DORA.
Our platform includes comprehensive incident reporting features, enabling financial entities to promptly report major ICT-related incidents and significant cyber threats. This ensures adherence to DORA's reporting obligations and facilitates real-time communication with competent authorities.
Resecurity supports rigorous resilience testing, including threat-led penetration testing (TLPT), to assess and enhance the robustness of financial entities against sophisticated cyber threats. This aligns with DORA's emphasis on continuous evaluation and improvement of cybersecurity measures.
Recognizing the criticality of third-party service providers, Resecurity offers solutions to effectively monitor and manage associated risks. Our platform aids in establishing comprehensive contractual arrangements, ensuring compliance with DORA's guidelines on third-party risk management.
Resecurity fosters collaboration among financial entities by facilitating the secure sharing of cyber threat intelligence. This collective approach enhances the sector's overall defense mechanisms and aligns with DORA's provisions for information sharing.
Our solutions are designed to support financial entities in meeting the oversight and regulatory compliance mandates of DORA. Resecurity provides the necessary tools to adhere to the rules set out by European Supervisory Authorities, ensuring ongoing compliance in a dynamic regulatory landscape.
Failure to comply with DORA can result in significant penalties. Financial entities may face fines of up to 2% of their total annual worldwide turnover or 1% of their average daily turnover worldwide. Individuals within these entities could be subject to fines up to €1,000,000, while critical third-party ICT service providers might incur fines up to €5,000,000 or €500,000 for individuals.
As the January 2025 compliance deadline approaches, Resecurity is committed to assisting financial entities in navigating the complexities of DORA. Our comprehensive solutions ensure that organizations not only achieve compliance but also bolster their operational resilience against the evolving landscape of cyber threats.
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