Save yourself a headache with a head start on DORA regulations, says Simon Paterson, pictured, CISO at CSI Ltd, which offers cyber security services.
For many financial businesses, the industry of compliance is becoming more and more complex. You just finish looking at one regulation to ensure you are compliant, then along comes the next. With the huge increase in cyber security threats that all companies are facing, and the tightening of cyber insurance criteria, DORA (the EU’s Digital Operational Resilience Act) is one set of regulations financial companies need to be on top of now, even though they don’t come into force until January 2025.
DORA steps up cyber security and operational processes to guard critical financial systems from all interruptions. Its purpose is to strengthen the operational resilience of the financial sector and ensure continuity of critical services so that incidents like the 2018 TSB fiasco can’t be repeated. TSB paid out £48m to the PRA and the FCA (Financial Conduct Authority) plus £33m to compensate over five million customers when an IT migration left customers locked out of their accounts.
DORA revolves…
