IT Regulatory Compliance | Cyber Risk Services [Video]

The Digital Operational Resilience Act (DORA) seeks to establish a framework for promoting stability and security in the financial sector’s cyberspace

The financial industry is facing increasing threats from cybercriminals, who, if successful, can compromise large amounts of sensitive financial and personal information. The potential impacts of such attacks can be significant. The European Commission is preparing a single legal framework to harmonize the fight against cyber-attacks.

The objectives of DORA

Although organizations in the financial sector (banks, insurance companies, brokerage firms) operate in a highly integrated and interdependent system, the legal framework for managing IT risks is not uniform across EU Member States and in many cases difficult to reconcile. The Commission therefore wants to regulate the rules for managing and responding to IT risks and threats at Community level. Hence, the Digital Operational Resilience (DRR) has been developed to measure the resilience …