As the financial sector embraces digital transformation in 2023, the convenience of digital transactions comes hand in hand with cybersecurity threats. To address these challenges, the European Union introduced REGULATION (EU) 2022/2554, known as the Digital Operational Resilience Act (DORA). This guide aims to provide an insight into DORA, its pillars of compliance, and the entities it covers, to bolster cybersecurity resilience in the financial sector.
DORA emerged as a strategic framework from the European Union, effective from 14th of December 2022. Its primary aim is to enhance the digital operational resilience of the financial ecosystem amidst growing cybersecurity threats. This regulation is not merely a set of guidelines but a comprehensive approach towards fostering a safer digital financial world.
DORA casts a wide net over the financial sector, covering a variety of entities:
However, there may be some entities that could fall outside DORA’s scope based on their operational scale or the extent of their digital nature. It’s crucial to thoroughly review the regulation to understand your standing.
DORA’s framework rests on three foundational pillars aimed at fostering a resilient digital operational environment:
Full compliance with DORA and its technical standards is expected by 17th of January 2025. Non-compliance may attract penalties, with the severity depending on the breach’s gravity and its ripple effects on the financial landscape.
Threat-Led-Penetration Testing, recommended under DORA, is conducted once every three years. It aims to identify and address weaknesses in the cyber defense mechanisms of financial entities, ensuring a complex digital operational landscape.
Navigating through the digital financial era necessitates adherence to robust regulations like DORA. It’s not just about compliance; it’s about fostering a resilient, cyber-secure financial operational environment. Engage with DORA, understand its mandates, and take proactive steps towards achieving a cyber-secure and resilient financial landscape.
DORA sets the cornerstone for cybersecurity in the financial sector. Navigating its mandates can be complex, but with the right expertise, becoming digitally resilient is within reach. For those considering threat-led penetration testing or seeking guidance on DORA compliance, Citadelo is here to assist. Our experience in cybersecurity can provide the insight needed for a stronger digital stance in the ever evolving financial landscape.
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