The clock is ticking for financial firms across the EU. With only six months remaining, the EU Digital Operational Resilience Act (DORA) will soon become a legal requirement. It’s time to ensure your organisation is prepared to comply with this robust regulatory framework designed to bolster digital operational resilience.
What is DORA?
DORA establishes a comprehensive regulatory framework to ensure that financial firms within the EU can withstand, respond to, and recover from all types of ICT-related disruptions and threats. The key focus areas include:
- ICT Risk Management: Implementing strategies to manage and mitigate ICT risks.
- ICT-related Incident Reporting: Establishing protocols for reporting ICT-related incidents.
- Digital Operational Resilience Testing: Conducting regular testing to ensure operational resilience.
- ICT Third-party Risk Management: Overseeing risks associated with ICT third-party providers.
- Information Sharing: Facilitating the exchange of cyber threat intelligence.
Who Does It Apply To?
DORA’s regulations encompass a wide range of financial services organisations operating within the EU. This includes:
- Credit institutions
- Payment and electronic money institutions
- Investment firms
- Crypto-asset service providers
- Central securities depositories
- Trading venues and trade repositories
- Insurance and reinsurance undertakings
- ICT third-party service providers, including Cloud Service Providers
When Do You Need to Comply?
DORA came into force in January 2023, and organisations have a two-year implementation period to meet the relevant requirements outlined in the Act. With only six months left, the countdown is on to ensure compliance by January 2025.
How Can Evolve North Help?
At Evolve North, we are committed to supporting financial institutions in navigating the complexities of DORA. We offer comprehensive services to help you understand the requirements, assess your current compliance status, and identify necessary improvements. Our services include:
- Awareness Training: Enhancing your organisation’s understanding of DORA.
- Gap Analysis: Conducting a thorough assessment to identify areas needing improvement.
- Implementation Support: Assisting in updating ICT Third Party Management, information risk management, and incident management practices.
- Resilience Testing: Implementing robust testing approaches to ensure digital operational resilience.
- Technical Controls Enhancement: Strengthening technical controls to meet DORA requirements.
Don’t wait until the last minute. Ensure your organisation is DORA-compliant well ahead of the deadline. Contact us today to learn how we can help you meet these critical regulatory requirements.
Stay ahead of the curve and ensure your financial firm is prepared for the future. Reach out to Evolve North now, and let’s secure your digital operational resilience together.
Reach out on 01748 905 002 or email info@evolvenorth.com