Comply With the Digital Operational Resilience Act (DORA)

What is DORA?

The Digital Operational Resilience Act (DORA) sets out detailed requirements for EU-based financial services industry (FSI) entities and their information and communication technology (ICT) third-party service providers on how to build out a more operationally resilient digital ecosystem. It is a part of the EU’s initiative “An Europe fit for the digital age”. It seeks to build on and harmonize regulations related to ICT technology, cyber risk management incident reporting, resilience testing and third-party risk management.

DORA as a legislative agenda brings forward significant obligations to both FSIs and ICT third-party service providers. The regulation itself is designed to create a unified approach to operational resilience to more effectively manage, monitor, and mitigate the risks associated with the general interconnectedness and concentration of the financial sector.

Why data-centric security for DORA compliance?

Although DORA itself is not a data security or data privacy regulatory framework, data security is at the core of digital operational resilience. Data underpins operational resilience and integrity of FSI’s and securing critical data is essential in ensuring the continuous and effective functioning of FSI’s in the EU. DORA requirements increase the level of rigor around data protection and emphasize the need for robust data management practices.

SECLORE’s product suite can effectively contribute to an enhanced data security posture that can contribute to a higher degree of compliance regarding specific DORA requirements. As currently there are several RTS’ pending, it is evident that the full width of the data security considerations of DORA are yet unknown. However, even within the published RTS documentation it is apparent that data security is at the forefront of DORA compliance requirements.