The Digital Operational Resilience Act (DORA) is a major piece of European Union legislation on cybersecurity for financial entities. It has been created to enhance the digital operational resilience of the EU financial services sector by strengthening financial entities’ Information and Communication (ICT) and third-party risk management and reporting framework.
According to calculations from insurers Lloyd’s, if a cyberattack on a major financial services payment system were to occur, the global loss could reach $3.5 trillion (EUR €3.2 trillion) over a five-year period. This reinforces how important it is for financial firms to ensure that the services they provide are not disrupted by cyberattacks, outages, or other risks that can compromise their integrity or continuity.
Does it apply to my firm? Firms that employ more than 10 persons and have a turnover and/or annual balance sheet total that exceeds EUR €2 million are required to be DORA compliant.
Therefore, firms matching the above criteria are encouraged to start taking steps today to establish an approach that matures beyond cyber defence to the ability to resist disruptions, incidents, and attacks.
DOWNLOAD THIS COMPLIMENTARY EBOOK WHICH PROVIDES FOUR ACTIONS FOR FINANCIAL FIRMS TO GET DORA COMPLIANT AHEAD OF THE JANUARY 2025 DEADLINE.
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