DORA implementation refers to the process of putting the Digital Operational Resilience Act into practice. This European Union regulation establishes uniform requirements for the security of network and information systems of financial entities and critical third-party service providers. Its implementation necessitates comprehensive assessments of ICT risks, incident reporting, digital operational resilience testing, and third-party risk management. The objective is to enhance the financial sector’s ability to withstand and recover from cyber threats and ICT disruptions.
Context
The current state of DORA implementation involves financial institutions across the EU actively preparing for compliance, with significant investment in cybersecurity and operational resilience infrastructure. A critical future development will be the enforcement of DORA, which will test the preparedness of entities and potentially establish new industry benchmarks for digital security.
Compliance teams must now integrate the comprehensive DORA technical standards, overhauling ICT risk governance and third-party vendor management by the 2025 deadline.
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