The Digital Operational Resilience Act, or DORA, is a European Union regulation designed to strengthen the information and communication technology security of financial entities. It establishes uniform requirements for the security of network and information systems. DORA aims to ensure that financial sector participants can withstand, respond to, and recover from all types of ICT-related disruptions and threats. This act applies to a broad range of financial entities.
Context
DORA’s activation represents a significant step towards a more resilient digital financial system within the EU, particularly relevant for firms involved in digital assets and blockchain technology. A key discussion revolves around the implementation challenges for smaller entities and the need for consistent interpretation across member states. Critical future developments include the ongoing creation of technical standards that will provide granular details on compliance obligations, further shaping operational practices for crypto service providers.
Financial entities must immediately update third-party risk management frameworks to comply with DORA's heightened oversight for designated critical ICT providers.
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