A new cybersecurity regulation is coming to the European financial services sector, and its authority will be felt worldwide.
The European Union’s (EU) new Digital Operational Resilience Act (DORA) creates a single, unified framework for regulating risk management for financial institutions operating in Europe. It mandates a common approach to cybersecurity for information and communication technology (ICT) across all 30 countries in the European Economic Area.
DORA represents a continental response to the rise of ransomware attacks and other new cyber threats that have proliferated in the wake of the global pandemic. It highlights a global focus on enabling financial services organizations to maintain better business resiliency across the entire spectrum of the enterprise, including businesses designated as critical vendors in the organization’s supply chain, regardless of whether those vendors are based in Europe or anywhere else in the world. So, what might this mean to businesses in the US and outside of Europe?
Setting a Global Standard
DORA will have a substantial impact on how any cloud provider or large financial organization does business in Europe and how financial…
