What is DORA?
DORA stands for Digital Operational Resilience Act. This European regulation is specifically designed for the financial sector and sets clear requirements for the digital resilience of financial institutions and their IT service providers. The goal? Ensuring that your organization can handle cyber threats without any disruption of your services.
Why is DORA important for your organization?
Technology is an unmissable part of the financial world. But the more you rely on digital processes, the greater the risk that hackers or system failures will disrupt your operations. DORA helps you to reduce that risk. With strict rules on risk management, incident reporting, and stress testing, it ensures the safety of not just your organization, but the entire financial ecosystem.
The biggest challenges with DORA-compliance
DORA asks something of you. Not only to be secured, but also to tackle this structrually. This are the most important challenges:
- Setting up a strong risk management program
- Reporting incidents without disrupting your operations
- Making clear agreements with suppliers and partners about security across the whole chain
How do you prepare for DORA?
Want to comply with DORA? Take a smart approach. By following this steps you are on the right path:
- Check whether DORA applies to your organisation. Map out which obligations are relevant to you.
- Identify your risks. Look critically at your vulnerabilities and determine where adjustments are needed.
- Strengthen your security. Ensure good access control, monitoring en clear incident procedures.
- Train your employees. Make cybersecurity a part of our daily work culture.
- Collaborate with your partners. Set clear security requirements for your suppliers and keep the chain secure.
Finally: a structured approach makes the difference.
DORA requires more than just technical measures. It calls for a plan, awareness and collaboration across your entire organization. GRC-tools (Governance, Risk & Compliance) can help you to stay in control and take the right steps.
Do you want to make sure that your organization is ready for DORA? Don’t wait, but actively take action. This way, you stay in control of your digital resilience and meet the new requirements.
