Why Dora?

Why Dora?

EU has identified a high degree of interconnections across financial services, significant cross-border activities of financial entities and an extensive dependency on ICT third-party service providers for the financial sector. As a result the financial sector suffers an increased vulnerability to cyber threats or ICT disruptions.

Building Digital Operational Resilience

The European Commission published the first draft of the Digital Operational Resilience Act (DORA) as part of the Digital Finance Package (DFP) in fall 2020. The DFP includes a package of measures to enable and support the innovation and competitiveness of digital finance while reducing vulnerabilities and risks.

DORA addresses the risk side of DFP with the preamble that digitalisation and operational resilience within the financial sector are two sides of the same coin. The European Union (EU) cannot reach digital operational resilience without adequate protection harmonized across the union.

While high digitalisation and connectivity are integrated in most financial entities, digital resilience needs to be built into operational frameworks. Furthermore, EU members perceive an absence of detailed and comprehensive rules on digital operational resilience which has led to the proliferation of national regulatory initiatives and supervisory approaches.

DORA presents the fundamental requirements within Information and Communication Technologies (ICT), risk management, information security and ICT outsourcing. DORA is intended to harmonize the requirements across the EU by establishing one single comprehensive regulation for the financial industry.

Advisense help you navigate

We are committed to delivering in-depth expertise and pro-active advice to our clients. Our teams have assisted numerous financial service entities adhering to the EBA, EIOPA ICT and security risk management regulations and prepared for the introduction of DORA. Furthermore, we have assisted third-party providers with DORA adoptions.

Want to find out how Advisense can help you?