Digital Operational Resilience Act (Dora) Regulations
Using our approach removes the challenge for organisations when conducting a comprehensive gap assessment for compliance with the Digital Operational Resilience Act (DORA) regulations.
We will evaluate your organisation’s maturity against DORA’s rigorous standards and uncover areas that demand further investment and prioritisation
This DORA journey is not just about compliance; it is about resilience.
With a strong emphasis on third-party risk management, we recognise the critical role of close collaboration with your third-party service providers, especially those supporting vital business services and the steps needed to comply with DORA.
We will redefine how you approach and implement the DORA Act Framework compliance planning and ensure you are ready before the 17th January 2025 deadline.
The DORA Regulation Roadmap
Amidst the ongoing and ever-evolving cyber threats the financial sector faces, the EU has introduced the Digital Operational Resilience Act (DORA). DORA’s purpose is unmistakable: safeguarding ICT systems in the European financial industry. It aims to ensure that the sector can not only withstand, respond to, and recover from ICT incidents but also continue delivering critical functions while minimising customer disruptions. DORA focuses on five essential pillars of IT resilience.
- The European Commission published its draft Digital Operational Resilience Act (DORA) as part of the Digital Finance Package (DFP) on 4th September 2020.
- DORA was announced on 16th January 2023, with a set two-year implementation period
- Organisations need to be compliant by 17th January 2025
What are DORA’s
Five Key Pillars?
1. Risk Management
DORA covers both financial entities and their ICT providers, emphasising robust third-party risk management through contracts, standardised clauses, and oversight of critical providers by ESAs, with a focus on avoiding concentration of critical functions.Learn more
2. Incident Reporting
Establish systems for incident monitoring, management, and reporting, including initial, intermediate, and final reports for critical incidents, with specific rules and timelines to be determined.Learn more
3. ICT Third-Party Risk Management
DORA places responsibility on the management body, requiring them to define risk management strategies and stay informed on ICT risks. Entities are required to develop comprehensive ICT risk management frameworks, including mapping systems, identifying critical assets, and conducting continuous risk assessments.Learn more
4. Digital Operational Resilience Testing
DORA states financial organisations must regularly test their ICT systems, reporting results and remediation plans to competent authorities, with annual basic tests and triennial threat-led penetration tests (TLPTs) for critical financial entities and their providersLearn more
5. Information sharing arrangements on cyber threat information and intelligence
Financial entities are urged by DORA to create incident learning processes, including voluntary participation in threat intelligence sharing, while ensuring the protection of shared information, including GDPR compliance for personally identifiable information (PII).Learn more
Q. How long will it take to complete DORA?
A. There is no immediate answer until we have fully scoped and undertaken a full gap analysis
Q. Will you provide a schedule of work?
A. We will provide a detailed Schedule of Works, with specific work packages and representative time frames
Q. What breadth of support can you offer?
A. We can provide Pen Testers, VA Assessors, Security Consultants, Training Specialists and Risk Specialists to support your internal or third-party engineering team in implementing the required actions detailed in the Schedule of Work agreed.
Q. Who in our organisation will be involved?
– Your IT team or third-party providers.
– Security team/ risk/ third parties.
– Departmental management.
– System owners and custodians.
– Review with Board/ Executives
Why outsource your DORA Compliance
To BIT Security?
Comprehensive Gap Assessments
As experts in conducting in-depth assessments, we will meticulously evaluate your maturity level against DORA regulations. You will know what needs immediate attention and investment, preparing you ahead of the deadline.Learn More
Prioritisation and Investment
Not all DORA requirements are equal. Prioritising your efforts, ensuring your resources are allocated to the areas that matter most. Whether it’s third-party risk management, advanced technology resilience testing (including threat-led penetration testing), incident reporting, or threat intelligence, we guide you towards the most strategic investmentsLearn More
The Path to Assurance
Choose us as your trusted partner in achieving DORA compliance. We streamline the implementation process, providing expert guidance, unparalleled insights, and actionable strategies to achieve ICT resilience.Learn More