The Digital Operational Resilience Act (DORA) has brought significant changes to the landscape of financial institutions operating within the European Union (EU). With the deadline for compliance set for January 17, 2025, insurance companies, investment firms, banks, and ICT vendors must understand and meet the requirements outlined in DORA to avoid substantial fines and ensure operational resilience.
This blog will explore the key aspects of DORA compliance and how financial institutions can navigate this regulatory framework effectively.
DORA aims to ensure operational resilience across different financial sectors in the EU region, particularly in the face of severe operational disruptions. The DORA regulation emphasizes the need for financial institutions to establish robust capabilities for protection, containment, detection, recovery, and repair against ICT-related incidents.
By focusing on ICT risk management, operational resilience testing, incident reporting, and monitoring third-party ICT risks, DORA aims to safeguard the stability of the entire financial system.
DORA applies to a wide range of financial institutions operating in the EU. With over 22,000 financial organizations estimated to be impacted by DORA, compliance efforts are not just essential for meeting regulatory requirements but also for safeguarding business continuity in a rapidly evolving landscape.
To achieve DORA compliance, financial institutions like banks and investment companies must adhere to the following key requirements outlined in the regulation:
Financial institutions that fail to achieve DORA compliance might face strict penalties of up to one percent of their average daily worldwide turnover for each day of noncompliance. Additionally, noncompliance can lead to loss of customers, brand value damage, increased regulatory scrutiny, and potential criminal liability.
The integrated expertise of Black Box and Hammer can revolutionize the way financial companies want to comply with DORA. Black Box's vast experience navigating the complexity of the finance industry, combined with Hammer's solutions for automating compliance efforts, offer a potent combination to help organizations effectively meet DORA regulations.
Organizations can precisely identify, evaluate, and manage ICT risks when Black Box's extensive financial landscape expertise is combined with Hammer's automated testing and monitoring capabilities.
By leveraging the combined strengths of Hammer and Black Box, financial institutions not only achieve DORA compliance but also enhance their overall operational efficiency and security posture. This partnership offers a strategic advantage in navigating the evolving regulatory landscape while maintaining a competitive edge in the financial market.
Register for the "DORA Compliance - Achieve Operational Resilience with Hammer & Black Box" webinar or contact our team today to learn more about how we can assist your organization in meeting DORA compliance requirements and ensuring secure, optimized performance within your critical ICT environments.