Ensure your business is compliant with DORA ahead of 17 January 2025.
The Digital Operational Resilience Act (DORA) is an EU regulation designed to make financial entities more resilient against cyber-attacks and other Information and Communication Technology (ICT) risks, including a focus on third-party providers.
Under DORA, financial institutions such as banks, investment firms and insurance companies, among others, will be mandated to test, assess and ensure digital operational continuity, adopt robust security networks and respond swiftly to ICT incidents. By introducing clear guidelines on detecting and protecting against ICT risks, and containing and recovering from incidents, the regulation seeks to safeguard the stability of the financial system.
What are the consequences of non-compliance?
According to a report by the International Monetary Fund in April 2024, extreme losses from cyber incidents are increasing, with the financial sector ‘uniquely exposed’. The report finds that attacks on financial firms account for almost one-fifth of all incidents with the sector suffering more than 20,000 cyberattacks and $12 billion in losses over the past two decades.