At the end of January 2024 the first batch of the draft regulatory technical standards for DORA were released, providing further details on its implementation. In this blog we look at the five pillars of the initiative and how Integrity360 is the place to come to get your organisation compliant.
What is DORA?
The Digital Operational Resilience Act (DORA) is an initiative created by the European Union and is designed to enhance the operational resilience within its financial sector. It introduces a comprehensive regulatory framework designed to address the myriad of digital operational resilience challenges facing financial entities and their third-party service providers.
DORA categorises its directives under five critical pillars, each aimed at fortifying different facets of digital resilience.
DORA's Implementation Timeline
With the introduction by the European Union, DORA is designed to shore up the financial sector's defences against Information and Communications Technology (ICT) risks. Its timely implementation is paramount for entities within its remit to ensure they're compliant.
Overseen by the European banking, insurance and pensions, and securities and markets authorities, DORA is scheduled to be enforceable from 17th January 2025. This date marks a crucial checkpoint for financial entities across the EU, necessitating preparatory measures to align with the act’s stringent demands.
The 5 Pillars
The five main pillars of DORA are:
ICT Risk Management
This foundational pillar mandates a thorough identification, assessment, and mitigation of ICT risks, necessitating entities to establish robust internal governance and control frameworks.
Integrity360's provides meticulous risk assessment services, identifying vulnerabilities in an organisation's digital infrastructure and recommending tailored mitigation strategies to enhance resilience. Beyond mere identification, Integrity360 aids in the formulation of strategic responses that not only address current vulnerabilities but also anticipate future threats, ensuring a proactive stance against potential cyber risks.
ICT-related Incident Management
Rapid and efficient management of operational disruptions or cyber incidents is the cornerstone of this pillar. It compels organisations to establish a cohesive process for detecting, managing, and duly notifying significant cyber incidents. Integrity360's expertise in crafting incident response frameworks is critical here. By setting up advanced detection and reporting mechanisms, Integrity360 ensures that organisations can respond to and recover from incidents with minimal impact, maintaining operational continuity and regulatory compliance.
Digital Operational Resilience Testing
The essence of this pillar lies in the regular testing of organisational resilience to ensure preparedness against a spectrum of ICT risks. It mandates comprehensive testing programmes to identify, address, and mitigate vulnerabilities.
Integrity360's suite of resilience testing services, including penetration testing and vulnerability assessments, are tailored to meet this requirement. Through rigorous testing and analysis, Integrity360 not only helps organisations identify weaknesses but also provides actionable insights for strengthening their digital operational resilience, ensuring that systems and processes are fortified against both current and emerging threats.
Third-Party Risk Management
In today's interconnected financial ecosystem, third-party service providers play a critical role. This pillar underscores the importance of diligently managing risks emanating from these external partnerships. It requires entities to conduct thorough assessments and foster robust contractual relationships with third parties.
Integrity360 excels in navigating the intricacies of third-party risk management, assisting organisations in developing and implementing comprehensive strategies and policies. From due diligence to continuous monitoring, Integrity360 ensures that third-party engagements are governed by a framework that prioritises security and compliance, thus safeguarding against external vulnerabilities.
This pillar champions the exchange of cyber threat intelligence amongst organisations to foster a collective resilience against cyber threats. By encouraging a culture of collaborative information sharing, it aims to elevate the sector's overall preparedness and response capabilities.
Integrity360 plays a pivotal role in facilitating secure and effective sharing of threat intelligence, leveraging its network and expertise to foster a community where financial entities can benefit from shared insights and defence strategies, thus enhancing the collective security posture.
DORA's introduction is a game-changer for the financial sector, compelling entities to elevate their operational resilience in the digital domain. Integrity360, with its extensive array of cybersecurity and compliance solutions, stands as an essential partner for organisations seeking to navigate DORA's complexities.
By leveraging Integrity360’s expertise, financial entities can not only achieve compliance but also secure a competitive advantage by embedding resilience into the core of their operations, ensuring they remain robust in the face of digital disruptions.