Regulativ's all-in-one solution streamlines the process, offering pre-configured EU DORA ACT and its Technical Standards.
The EU Digital Operational Resilience Act (DORA) is a regulatory framework aimed at enhancing the digital resilience of the EU's financial sector. It mandates robust ICT risk management, incident reporting, and operational continuity for financial entities and their critical third-party providers to mitigate cyber threats and digital disruptions.
The EU Digital Operational Resilience Act (DORA) is a regulatory framework designed to strengthen the operational resilience of financial entities against cyber threats and other digital disruptions. DORA applies to a broad range of financial services entities operating within the European Union, including but not limited to:
Banks, Investment firms, Payment service providers, Insurance and reinsurance companies, Stock exchanges, Central counterparties (CCPs), Central securities depositories (CSDs), Asset managers, Credit rating agencies, Crowdfunding service providers, Cloud service providers, Data analytics providers, Software providers, Critical infrastructure providers, Auditors, Financial advisors and consultants, Payment schemes and e-money institutions.
DORA comes into effect on the 17th January 2025
DORA's scope includes all EU financial entities, market infrastructures and third-party ICT providers. It sets technical standards for ICT risk management, incident reporting, operational continuity and third-party oversight. DORA's key pillars are risk management, operational resilience testing, incident classification/reporting, information sharing and oversight of critical third-party providers.
The ICT Risk Management Pillar of DORA mandates that financial entities establish robust frameworks for identifying, assessing, and mitigating ICT risks. Regulativ DORA Platform includes implementing security measures, conducting regular testing, managing vulnerabilities, ensuring data integrity, and maintaining continuity plans to safeguard against cyber threats and operational disruptions.
The ICT Incident Management Pillar of the EU DORA Act mandates financial entities to establish procedures for detecting, managing and reporting ICT-related incidents. Regulativ DORA Platform helps timely incident classification, effective response plans and mandatory reporting to regulators within strict timelines, ensuring operational resilience and minimizing disruptions in the financial sector.
The Digital Operational Resilience Testing Pillar of the EU DORA Act requires financial entities to conduct regular, comprehensive testing of their ICT systems, including threat-led penetration testing. This ensures the systems can withstand cyber threats and disruptions, validating their resilience and preparedness to maintain continuous operations under adverse conditions. Regulativ DORA Platform's VAPT assessment module helps with this requirements.
The Information and Intelligence Sharing Pillar of the EU DORA Act encourages financial entities to share cyber threat intelligence, vulnerabilities and incident details with peers and authorities. This collaboration aims to enhance collective defences, improve situational awareness and foster a more resilient financial ecosystem across the EU. Regulativ DORA Platform provides real time insights and reports, enabling you to share the details to relevant authorities.
The ICT Third-Party Risk Management Pillar of the EU DORA Act requires financial entities to manage risks from third-party ICT service providers. It mandates thorough due diligence, continuous monitoring and robust contractual arrangements, ensuring that third-party disruptions don't compromise the entity's digital operational resilience or regulatory compliance. Regulativ DORA Platform has a dedicated Third Party Risk management module to ensure you can manage your risks and be compliant.
