Why is the Digital Operational Resilience Act a game-changer?

On January 16th, 2023, the Digital Operational Resilience Act, known as DORA, officially went into action. DORA's primary objective is to streamline and elevate Information Communication Technology (ICT) risk standards across the European Union's financial sector. It's all about harmonizing and fortifying the digital operational resilience landscape.

Why DORA?

The driving force behind this regulation is the recognition of the essential role the financial sector plays in our everyday lives. As consumers, we rely on it, and the entire web of value chains would crumble without these financial foundations. DORA isn't just another acronym in the regulatory maze; it's a visionary move to secure our financial systems and operations.

Through a standardized supervisory approach, DORA ensures that security and resilience practices throughout the EU are aligned. It's not just about financial resilience; it's about ensuring that our operations remain steadfast, even in the face of severe disruptions that could jeopardize network security and information systems.

What's in it for you?

Over the past decade, various European Supervisory Authorities (ESAs) have issued guidance on ICT risk management and outsourcing. These guidelines have served as a compass for financial regulators, such as the European Central Bank (ECB) and De Nederlandsche Bank (DNB). The result? A heightened emphasis on maturing ICT risk management practices in the financial sector.

Now, with DORA in action, it's the perfect time to evaluate the maturity of your ICT risk management practices. Take a deep dive into your current ICT risk posture, identify gaps, and gear up to comply with the DORA regulation. This isn't just another bureaucratic checkbox; it's a chance to bolster your controls and capabilities.

It's about standardizing, streamlining, and automating to make ICT risk management more cost-effective and efficient. It's also your ticket to prepare for audits and on-site regulatory inspections, which DORA is expected to initiate.

For some financial organizations, DORA is the starting point for an accelerated journey toward the required maturity level. For others, it's an opportunity to further enhance their capabilities, ensuring that business operations continue seamlessly, come rain or shine.

In a world where digital resilience is of the greatest importance, DORA is your guiding star. It's not just about compliance; it's about building a fortified, agile financial ecosystem.