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  • Digital Operational
    Resilience Act (DORA) Compliance

    Strengthen Your Cyber Resilience with Expert DORA Compliance Services

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What is DORA ?

The Digital Operational Resilience Act (DORA) aims to establish a comprehensive regulatory framework for the digital resilience of financial entities within the European Union. It mandates that organizations must develop, implement, and maintain resilient operational practices that can effectively withstand cyber incidents. Failure to comply can lead to significant penalties and reputational damage.

Which entities are required to comply with DORA?

The Digital Operational Resilience Act (DORA) primarily applies to a range of entities within the financial sector, including:

  1. Banks: All credit institutions operating within the EU.
  2. Investment Firms: Entities providing investment services and activities.
  3. Insurance Companies: Insurers and re-insurers, including life and non-life insurers.
  4. Payment Service Providers: Companies offering payment services and electronic money institutions.
  5. Financial Market Infrastructures: Entities that facilitate the clearing, settlement, or recording of financial transactions.
  6. Third-Party Providers: Service providers that deliver critical services to the financial sector, including cloud service providers and IT service providers.
  7. Crypto Asset Service Providers: Companies dealing in cryptocurrency and related services, where applicable.

Overall, any organization operating within the EU’s financial services landscape that meets certain criteria related to size and operational impact must adhere to DORA’s requirements for digital operational resilience. In addition, ICT third-party service providers of those Financial Institutions must also adhere to the DORA Regulation.

DORA Regulation Areas of Focus

ICT Risk Management

Requirements for Information & Communication Technology (ICT) risk management.

ICT Incident Reporting

Reporting  requirements of major ICT-related incidents to the competent authorities;

.

Information Sharing

Information and Intelligence sharing in relation to cyber threats and vulnerabilities.

Digital Operational Resilience Testing

Requirements for Advanced testing of ICT tools, systems and processes based on Threat-Led Penetration Testing (TLPT).

ICT third-party Risk Management

Requirements for ICT third-party Risk Management.

Why DORA Compliance matters ?

Regulatory Requirement

Compliance with DORA is not optional; it is a legal necessity for financial entities operating within the EU. Ensuring compliance protects your business from regulatory penalties and legal issues.

Enhanced Cybersecurity

Implementing DORA requirements strengthens your overall cybersecurity posture, reducing the risk of breaches and operational disruptions.

Customer Trust

Demonstrating your commitment to digital resilience builds trust with your clients, enhancing your reputation in a competitive market.

Business Continuity

DORA compliance ensures that you have robust processes in place to maintain operations, even in the face of unexpected incidents.

Our Approach towards DORA Compliance

The Digital Operational Resilience Act (DORA) is designed to enhance the cybersecurity framework of financial entities, ensuring that your operations remain robust and reliable in the face of cyber threats.

At Cyber-Management, we specialize in helping businesses like yours navigate the complexities of DORA compliance, empowering you to operate with confidence and security.

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Phase 1: Planning

  • Familiarize Top Management with DORA's objectives, scope, and key requirements.
  • Determine how DORA applies to your organization based on size, services, and digital operations.
  • Assemble a cross-functional team with representatives from IT, compliance, legal, risk management, and operations.
  • Define specific roles and responsibilities for each team member.
  • Conduct a Gap Analysis: Compare current practices against DORA requirements to identify areas needing improvement.
  • Enhance Risk Management Framework: Strengthen risk assessment and management practices related to operational resilience according to DORA requirements.
  • Define a clear roadmap to reach DORA compliance, steps needed to close identified gaps including actionable tasks, timelines and resources.

Phase 2: Implementation

  • Update Policies and Procedures:  Revise or create policies to ensure they meet DORA standards.
  • Implementation of Technical Controls: Ensure appropriate IT controls and cybersecurity measures are in place.
  • Develop & Execute Training Programs: Create ICT security awareness programs and digital operational resilience trainings.

Phase 3: Check & Act

  • Implement Testing Plans: Conduct resilience testing, including Advanced testing of ICT tools, systems and processes based on Threat-Led Penetration Testing (TLPT) and incident response exercises.
  • Continuous Monitoring: Implement processes to regularly monitor compliance with DORA including regular Audits and Document Processes.
  • Reporting Mechanisms: Establish clear reporting protocols for compliance status and incidents.
  • Iterative corrective actions process: Implement corrective actions based on continuous Testing & Monitoring.

Phase 4: Continuous Improvement & Compliance

  • Engage with Regulators and Stakeholders: Maintain open lines of communication with relevant regulators and stakeholders regarding compliance efforts.

  • Feedback Mechanism: Establish a mechanism for feedback from stakeholders on your resilience practices.

  • Iterative Process: Treat compliance as an ongoing process. Regularly review and improve resilience strategies based on lessons learned and emerging risks.

Get Started Today!

Don’t leave your business’s digital resilience to chance. Let Cyber-Management help you achieve DORA compliance and safeguard your operations against cyber threat.

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Benefits of Partnering with Us

Expertise in Cybersecurity and Financial Sector
Our team consists of seasoned professionals with extensive experience within the Financial Industry.

Peace of Mind

Focus on your core business while we handle your data protection needs, ensuring compliance and reducing risk.

Regulatory Compliance

Stay ahead of the ever-changing landscape of data privacy regulations, minimizing the risk of penalties and reputational damage.

Enhanced Customer Trust

Demonstrating a commitment to data protection can strengthen your relationship with clients and stakeholders, enhancing your brand’s reputation.

FAQs

Does my company need to comply with DORA Regulation?
To determine if your company needs to comply with the DORA (Digital Operational Resilience Act) Regulation, consider the following:
  1. Sector: DORA primarily targets financial entities, including banks, investment firms, insurance companies, and certain service providers. If your company operates in the financial sector, it likely falls under DORA.
  2. Operations in the EU: If your company provides services in the European Union or is based there, you need to comply with DORA.
  3. Critical Services: If your company provides Information and Communication Technology (ICT) services to financial institutions, you may also be subject to DORA's requirements.
What specific financial services/entities fall under the DORA Regulation?
According to the official Digital Operational Resilience Act (DORA) Publication, the Regulation applies to the following entities:
  1. credit institutions;
  2. payment institutions;
  3. account information service providers;
  4. electronic money institutions;
  5. investment firms;
  6. crypto-asset service providers and issuers of asset-referenced tokens;
  7. central securities depositories;
  8. central counterparties;
  9. trading venues;
  10. trade repositories;
  11. managers of alternative investment funds;
  12. management companies;
  13. data reporting service providers;
  14. insurance and reinsurance undertakings;
  15. insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries;
  16. institutions for occupational retirement provision;
  17. credit rating agencies;
  18. administrators of critical benchmarks;
  19. crowdfunding service providers;
  20. securitisation repositories;
  21. ICT third-party service providers.
How does DORA relate to existing regulations?
DORA complements and enhances existing financial regulations by focusing specifically on digital operational resilience and ICT risk management.
What happens if a company fails to comply with DORA?
Non-compliance may result in regulatory sanctions, including fines, restrictions on operations, or other enforcement actions.