The Digital Operational Resilience Act (DORA) aims at ensuring the operational resilience of the EU’s financial sector in the face of increasing digitalization and cyber threats. DORA focuses on enhancing the management of cyberattacks, IT failures, and other disruptions. It emphasizes the importance of proactive risk management, incident reporting, and cooperation among relevant authorities and market participants.
DORA also seeks to strengthen the oversight and supervision of critical third-party service providers, whose services are key for the operations of financial institutions. Overall, DORA represents a comprehensive regulatory approach to safeguarding the EU’s financial sector against the evolving challenges of digitalization and cyber threats, promoting stability, trust, and resilience.
Key provisions of DORA include requirements for in-scope financial entities as represented in the below:
- Entity-based ICT risk management policies (the framework and the procedures in place);
- Risk management linked to ICT service providers (classifications, registers of information, monitoring, contractual provisions, information register);
- Operational resilience tests (pen-tests);
- ICT incident management (reporting of major incidents, corrective measures);
- Information sharing (exchange of information related to cyber risks through consortium) and supervision of systematically important ICT providers (for regulators).
At this stage, the EBA is expected to publish in its reporting framework 3.5 a section related to DORA and encompassing “new cross-sectoral requirements to report registers of information on the use of contractual arrangements on the use of ICT service provided by the ICT third-party providers on the basis of the new ITS.” The integration of the ITS requirements will be implemented through DPM and XBRL taxonomies.”
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Arevio is fully equipped to support DORA requirements as per EBA reporting framework 3.5, please feel free to contact us for more information !
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