DORA (Digital Operational Resilience Act)
Region
EU
Focus
Financial Sector
Description
The Digital Operational Resilience Act (DORA) is a regulation introduced by the European Union to strengthen the cybersecurity and operational resilience of financial institutions across its member states. DORA is designed to ensure that financial entities, including banks, insurance companies, investment firms, and payment service providers, can withstand, respond to, and recover from cyber threats and other operational disruptions. By establishing a comprehensive regulatory framework, DORA mandates financial institutions to implement robust ICT (Information and Communication Technology) risk management strategies. This includes stringent requirements for identifying, managing, and mitigating risks associated with third-party ICT providers, incident reporting, and continuous monitoring of cyber threats. The regulation also standardises rules for incident response and operational continuity to enhance the stability of the European financial sector.
Key Details
- Applies to banks, insurance companies, and other financial institutions in the EU.
- Requires organisations to have robust ICT risk management frameworks.
- Includes mandatory incident reporting requirements and regular resilience testing.
- Harmonises cybersecurity standards across the EU financial sector.