In the ever-shifting landscape of financial regulations, the European Union has introduced the Digital Operational Resilience Act (DORA) – a comprehensive framework addressing the digital risks faced by the European Financial Services Sector. Its aim is to ensure the integrity and availability of the financial sector. Let’s delve into the key components of DORA, focusing on its four pillars: ICT risk management, incident management, third-party risk management, TLPT testing.
ICT risk management: Strengthening the digital ramparts
DORA’s first pillar, ICT risk management, outlines the need for financial institutions to fortify their digital defences. It emphasises not just the standard cybersecurity measures but also robust administrative procedures, internal controls, and risk assessments. In simpler terms, it’s about ensuring the digital infrastructure is solid, secure, and resilient against potential threats.
In an interconnected financial world, where borders are porous, DORA sets a precedent for cybersecurity practices
The objective of this pillar is to create a level playing field with minimum level of ICT risk management, and consistency across all in scope…
