The European Union (EU), along with its technology industries, including the financial services sector, is experiencing significant digital transformation. This shift aims to facilitate broader digital service adoption across public sectors and cater to the evolving needs of tech-savvy consumers. Given the sensitive nature of these critical workloads, securing the infrastructure hosting them requires careful consideration. As a result, the EU has developed regulations like "DORA" to better navigate and manage risk for this digital transformation process.
What is DORA?
DORA stands for Digital Operational Resilience Act and is a set of regulations established by the EU to define digital operational resilience requirements for financial institutions and their critical third-party providers.DORA provides a consistent and robust framework for managing ICT-related risks in the financial services industry across the EU. It achieves this by imposing uniform requirements in areas such as ICT risk management, incident reporting, operational resilience testing, and managing third-party ICT risks.DORA full implementation is applicable on 17 January 2025.
To ensure that organizations meet various ICT and cybersecurity risk management requirements, a digital resilience framework consisting of five core pillars has been developed and emphasized as part of DORA.