The EU’s Digital Operational Resilience Act, DORA, aims to strengthen the cybersecurity and operational resilience of the European financial sector. The purpose of DORA, through the publication of a framework that will help the financial system ecosystem participants, namely Information and Communications Technology (ICT) providers, is to reduce cyber and operational risks.
In essence, the purpose of DORA is to protect consumers and maintain financial stability by ensuring that banks, insurers, and other financial institutions can withstand and recover from IT disruptions. It achieves this by:
- Producing a standardized set of security rules across different EU countries.
- Imposing strict standards for managing and mitigating ICT risks.
- Enhancing incident reporting and response capabilities.
- When all parties adhere to the program it’s goal is to acheive an improved operational. And also cyber resilience for the financial services sector.
By establishing a common regulatory framework, DORA EU contributes to a more secure and stable financial system in the EU.
What are the DORA RTS to follow?
The DORA Regulatory Technical Standards are a comprehensive to ensure parties in the financial services sector can developm, manage and mitigate ICT risks that could negatively impact the continuous business operations of financial service providers.
The European Supervisory Authorities publish the Policies of the DORA RTS and ITS.
The DORA RTS published by the ESA on their website include:
- RTS and ITS on the content, format, templates and timelines for reporting major ICT-related incidents and significant cyber threats;
- RTS on the harmonization of conditions enabling the conduct of the oversight activities;
- RTS specifying the criteria for determining the composition of the joint examination team (JET); and
- RTS on threat-led penetration testing (TLPT).
Enhancing Operational Resilience with FortifyData
Operational resilience is not merely about compliance. It’s about securing the financial sector’s ability to withstand and quickly recover from ICT-related disruptions.
FortifyData’s DORA Gap Analysis Questionnaire with Technical Validation empowers financial service providers to achieve this goal and addresses DORA Regulatory Technical Standards (RTS) outcomes for the oversight of ICT activities and producing auditable materials for joint exams and the foundation for the TLPT component based on our continuous external vulnerability assessments.
By providing a detailed roadmap for compliance and resilience, FortifyData enables organizations to proactively identify and address vulnerabilities. Also implement robust controls, and foster a culture of continuous improvement.
This not only aligns with the purpose of DORA but also strengthens the financial sector’s overall resilience against cyber threats. Review the DORA compliance checklist to see what Financial Services companies and ICT vendors need to do. We can help.
Streamlining Your DORA Compliance Journey
The journey toward DORA compliance can seem daunting, with its intricate requirements and the critical need for thorough ICT vendor management. However, FortifyData’s innovative solution simplifies this process, offering a structured approach to assessment and validation.
Financial service providers can leverage the DORA Gap Analysis Questionnaire to gain a clear understanding of their compliance status, identify areas for improvement, and confidently navigate the complexities of DORA compliance.
With technical validation providing the assurance of effective operational resilience measures, FortifyData’s solution is a crucial asset for any financial institution seeking to safeguard its operations in today’s digital world.
A Summary of a DORA Compliance Checklist
The Digital Operational Resilience Act (DORA) regulation outlines what financial institutions and their Information and Communicaiton Technology (ICT) vendors must perform to strengthen the financial services and supplier ecosystem to meet the DORA regulations.
We have reviewed the Digital Operational Resilience Act pdf. We extracted and interpreted the requirements for publishing here as a DORA regulation summary.
- Are you in scope for DORA?
- Conduct a gap analysis
- Develop a remediation plan to address the gaps
- Identify ICT vendors and execute a plan for ensuring their DORA compliance
- Conduct penetration test – threat led penetration testing (TLPT)
- Develop an incident response plan
- Implement continuous monitoring of ICT vendors
- Define and enact Board responsibilities
Explore the full version of the DORA compliance checklist complete with subpoints of actions and plans for each of the criteria.
Moreover, FortifyData aids in ensuring compliance with DORA’s regulations for regular risk assessments and rigorous testing. It offers a risk scoring system that quantifies cyber risk, taking into account various factors such as the likelihood of a cyber-attack and the potential impact. This scoring system allows organizations to prioritize their risk mitigation efforts effectively, aligning with DORA’s requirements for a risk-based approach to cybersecurity.
Reach out to schedule a demo and to perform a DORA gap analysis.
