The European Supervisory Authority (ESA) closed its consultation on the technical standards underpinning the Digital Operational Resilience Act (DORA) in September. The ESAs will now evaluate the feedback received and are expected to release a Final Report along with the submission of the draft Regulatory Technical Standards (RTS) to the European Commission by January 17, 2024.
DORA represents one of the most significant legislative frameworks for the European financial sector, aimed at mandating both cyber security and operational resilience standards for financial institutions and their key suppliers.
DORA addresses an important problem in the EU financial services industry, by acknowledging that IT incidents and a lack of operational resilience could jeopardise the stability of the financial system.
At NCC Group, we closely follow regulatory developments, such as DORA, collaborating with the regulators and supporting customers operating across critical infrastructure sectors.
Wayne Scott, Regulatory Compliance Solutions Lead, takes us through the submission to the consultation and the changes that should be made to ensure comprehensive technical standards:
