The European Union’s (EU’s) Digital Operational Resilience Act or DORA is a key milestone for the future of the cloud in financial services. It acknowledges the vital role cloud technology plays in the delivery of modern banking services. At the same time, DORA highlights the catastrophic risk a service outage could have on not just the customers of an individual bank, but to an entire economy.
The EU shouldn’t be second guessed here – massive GDPR fines have set a precedent and tech firms should be wary. With a supplier list that is still to be finalised but growing, we understand the extent of this at NetApp.
From 2025, countless organisations will face a very real risk of crippling fines should they be at fault. Businesses must start thinking about this now, as penalties will even extend to ICT providers. Proposed fines for non-compliance include a periodic payment of 1% of average daily worldwide turnover.
So, what is DORA? What does it mean for a business and how can they avoid being caught out once it comes into force?
Understanding DORA
Put simply, DORA seeks to address ICT risk management in financial services, and to work in tandem with the existing…
