The Digital Operational Resilience Act (DORA) sets rigorous new standards for financial entities across the European Union (EU).
In 2024, 54% of financial institutions globally experienced a cyber attack. DORA is the EU’s response to the growing need for digital operational resilience in the financial sector.
DORA targets banks, insurers, investment firms, and a range of other financial entities. It requires the proactive management of information and communication technology (ICT) risks and continuity of business operations.
How DORA applies to third-party ICT providers
ICT and telecoms providers who serve businesses in the financial sector must also comply with DORA. The rules stipulate that financial organizations must only use service providers who meet appropriate information security standards.
For ICT providers whose services are critical to a financial organization’s operations, the DORA rules are even stricter. The requirements must be written into their service contract, and the provider can be fined for non-compliance.
ICT risk management and operational resilience: Key pillars of DORA compliance
DORA’s compliance framework has five main pillars:
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ICT risk management: Robust risk assessment and mitigation processes.
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Incident reporting and management: Timely identification and documentation of incidents.
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Operational resilience testing: Regular stress-testing to ensure business continuity.
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Third-party risk management: Ensuring ICT vendor and partner reliability.
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Information sharing: Contributing threat intelligence to improve sector-wide security.
How to comply with DORA regulations
To comply with the DORA requirements, start with the following steps:
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Conduct regular risk assessments: Include your internal assets and your third-party providers.
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Implement effective detection and reporting systems for cybersecurity incidents.
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Monitor for compromised credentials and personally identifiable information (PII): Use a credential monitoring solution, such as Cybercheck, to identify threats to your organization proactively.
PII data leak detection: CTI tools to meet DORA compliance
Cyber threat intelligence solutions such as Cybercheck support DORA compliance.
Cybercheck provides round-the-clock monitoring for credential exposures and PII data leaks. If cybercriminals are trading information about you or your organization, we alert you right away. This facilitates DORA compliance in the following ways:
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Early detection of compromised data helps you to meet DORA’s incident response mandates.
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Automated alerts allow your security and compliance teams to respond to threats immediately.
DORA compliance means a secure and resilient organization
DORA demands compliance and true operational resilience. This presents an opportunity to develop a proactive security strategy, safeguard your organization against rapidly evolving cybersecurity threats, and build trust with your partners and clients.
