The Digital Operational Resilience Act, or DORA, is a European Union (EU) regulation that creates a binding and comprehensive framework for managing information and communication technology risks in the EU financial sector. The DORA regulation sets out the technical standards that financial institutions and their critical third-party technology service providers must implement in their ICT systems by 17 January 2025.
The DORA regulation has two main objectives: to comprehensively address ICT risk management in the financial services sector and to harmonise the ICT risk management regulations that already exist in the different EU Member States.
The benefits of DORA for clients are the following:
The DORA sets out technical requirements for financial institutions and ICT providers in four areas: risk management and ICT governance, incident response and reporting, resilience testing and third party risk management.
The requirements will be applied proportionally, which means that smaller entities will not be subject to the same standards as larger financial institutions. Although the RTS and ITS for each area are still under development, the existing legislation on the DORA regulation gives some indication of the general requirements.
Those who benefit most from the DORA regulation are the following:
The financial institutions benefiting from the DORA regulation are:
Service providers that benefit from the DORA regulation are:
Third parties that benefit from the DORA regulation are:
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