DORA
The Digital Operational Resilience Act (DORA) is a European regulatory framework adopted in December 2022, aimed at strengthening the digital resilience of the financial sector within the European Union. It mandates financial entities to effectively manage risks related to information and communication technologies (ICT) and ensure the continuity of their services in the event of cyberattacks or technical disruptions. DORA will be enforced starting January 17, 2025.
Key requirements of DORA:
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ICT Risk Management: Financial entities must develop and implement an ICT risk management framework, which includes identifying potential threats, continuous monitoring, and regular testing of defenses.
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ICT Incident Management and Reporting: Procedures must be established to detect, manage, and report ICT-related incidents. Significant incidents need to be reported to the relevant authorities within established deadlines.
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Digital Operational Resilience Testing: Financial entities are required to conduct regular tests of their ICT systems, including vulnerability assessments and penetration tests, to ensure resilience against cyber threats.
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Third-Party ICT Service Risk Management: Risks associated with external ICT service providers must be managed through detailed contractual agreements and continuous monitoring of their activities.
How Cybernetics Can Help:
At Cybernetics, we understand the complexity of DORA's requirements and offer comprehensive solutions to assist your organization in achieving compliance:
ICT risk assessment
Our experts will conduct a detailed analysis of your ICT systems to identify potential vulnerabilities and threats.
Development of a risk management framework
We will develop a customized ICT risk management strategy tailored to the needs and structure of your organization.
Assessment of the current state
We offer resilience testing services for your systems through cyberattack simulations and vulnerability assessments.
Third-party vendor relationship management
We will assist you in assessing and managing the risks associated with external ICT service providers, including contract reviews and activity monitoring.
Training and awareness raising
We offer training for your staff on best practices in ICT risk management and incident response procedures.
With our support, your organization will be prepared to meet the requirements of DORA by implementing effective ICT risk management mechanisms, enhancing its resilience against cyber threats, and ensuring the continuity of critical services, even in the face of incidents and technological challenges.