| The Digital Operational Resilience Act, also known as DORA, is an EU-wide regulation that came into force on 17 January 2023 as part of the EU package for the digitalization of the financial sector. The aim of DORA is to strengthen the digital resilience of financial companies. DORA therefore affects a wide range of companies in the financial sector, including banks, insurance companies, investment firms and payment service providers. The DORA defines strict requirements for the management of ICT service providers, incident reporting, cybersecurity measures and the exchange of information. In addition, continuous monitoring must be implemented through regular tests and audits to ensure digital resilience. By introducing DORA, the EU wants to strengthen confidence in the digital security and stability of the financial system and ensure that the risks of ICT-related incidents are minimized. The regulations of DORA are to be applied from January 17, 2025. The entire DORA Regulation (EU) 2022/2554 can be accessed here. We will be happy to discuss whether DORA is relevant for you and how you can implement it in an initial, non-binding meeting. |