What is DORA?
The Digital Operational Resilience Act (DORA) is an EU regulation specifically designed to enhance and unify the cyber resilience of the financial sector across Europe. Starting January 16, 2023, with full application in January 17, 2025, DORA mandates that financial institutions and ICT service providers supporting these institutions adopt stringent cybersecurity measures. DORA’s primary goal is to ensure that the financial sector remains operationally resilient in the face of severe disruptions, particularly those arising from cyber incidents.
Why DORA is Important?
The introduction of DORA is a clear indication of the increasing importance that regulators place on cybersecurity within the financial sector. As cyber threats continue to evolve in complexity and scale, the potential impact of a successful attack on the financial system could be catastrophic. DORA seeks to prevent such scenarios by ensuring that financial entities are not only aware of the risks but are also actively managing them.
As we approach the 2025 deadline for full compliance, now is the time for financial institutions to assess their current cybersecurity measures, identify any gaps, and implement the necessary changes to meet DORA’s requirements. By doing so, they will be better positioned to navigate the challenges of the digital age and continue to serve their customers with confidence.
The Impact of DORA on Financial Institutions
For large financial institutions with mature cybersecurity measures already in place, DORA may require only incremental changes. However, for smaller entities or those with less developed security postures, DORA represents a significant regulatory burden. These organizations will need to undertake a thorough gap analysis to identify where their current practices fall short of DORA’s requirements and take steps to address these gaps before the regulation becomes fully applicable in 2025.
Moreover, DORA’s requirements extend beyond traditional financial institutions to include critical ICT service providers. This means that any company providing ICT services to the financial sector must also ensure that their cybersecurity measures are robust and compliant with DORA’s standards.
How Precisely Can Help?
Precisely’s Assure™ Data Protection, Security, and HA/DR solutions provide the most complete and powerful capabilities available for achieving IBM i resilience, and are engineered for full, flexible, and seamless integration your enterprise SIEM and operations analytics platforms.