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DORA – everything you need to know now

In this blog post, we look at the various aspects of DORA and show why it is important for your company.
What is DORA?
DORA is a regulatory framework of the European Union that aims to improve the digital resilience of financial institutions. The aim is to ensure that these institutions are able to cope with disruptions to their IT systems and data and maintain their critical functions even in times of crisis. This covers a wide range of requirements, from IT security, risk and incident management to the reporting and review of cyber incidents.
Core requirements of DORA
- IT risk management: Financial institutions must introduce a solid IT risk management system. This includes the identification, assessment and mitigation of IT risks and the integration of these processes into the organisation’s overall risk management.
- Incident management: Effective incident management is crucial. Financial institutions must be able to quickly recognise, respond to and report cyber incidents. This requires clear processes and responsibilities as well as regular staff training.
- Operational resilience testing: Regular operational resilience testing is essential to identify vulnerabilities and improve resilience. This can be done through penetration tests, red team exercises and other security checks.
- Outsourcing and third-party management: Many financial institutions outsource critical IT services to third-party providers. DORA requires that these relationships are strictly monitored and regulated to ensure that the outsourced services meet the same high security standards.
- Reporting obligations: Financial institutions must report significant cyber incidents to the relevant supervisory authorities. This helps to gain a comprehensive overview of the threat situation and to be able to respond appropriately.
Why is DORA important?
- Increased security and stability: By implementing the DORA requirements, financial institutions can significantly improve their IT security and stability. This reduces the risk of data loss, business interruption and financial loss.
- Regulatory compliance: Compliance with DORA requirements is not only important for security reasons, but is also required by law. Financial institutions that do not fulfil the requirements risk penalties and sanctions.
- Customer trust: At a time when cyber-attacks are becoming more frequent and sophisticated, customer trust is invaluable. By complying with DORA, financial institutions can demonstrate to their customers that they are taking all necessary measures to protect their data and assets.
- Competitive advantage: Organisations that proactively respond to regulatory requirements and continuously improve their IT security measures can gain a competitive advantage. They are better prepared for future threats and can react more quickly to regulatory changes.
Implementation of DORA in your company
Implementing DORA requirements requires careful planning and resource allocation. Here are some steps that can help you:
- Assessment of current IT risk management practices: Start with a comprehensive assessment of your current IT risk management practices. Identify weaknesses and areas for improvement to meet DORA requirements.
- Develop a robust incident management plan: Create a detailed incident management plan that defines clear processes and responsibilities. Ensure that all employees are regularly trained and know how to respond in the event of a cyber incident.
- Carry out regular resilience tests: Carry out regular tests to check the resilience of your IT systems. Use the results of these tests to make continuous improvements.
- Monitoring and management of third-party providers: Ensure that your third-party providers also comply with DORA requirements. Monitor their security measures and integrate them into your own risk management and incident management processes.
- Regular review and adaptation: The threat landscape is constantly evolving. Regularly review and update your IT security measures and processes to ensure they are up to date with the latest threats and regulatory requirements.
Conclusion
DORA represents an important step towards improving the digital operational resilience of financial institutions in the EU. Compliance with the requirements not only offers protection against cyber threats, but also numerous business benefits. By implementing the DORA requirements, you can increase the security and stability of your IT systems, minimise regulatory risks and strengthen the trust of your customers. Now is the time to take the necessary steps to ensure your organisation is ready for the challenges of the digital future.