As the unique level of cyber risk the financial sector faces becomes all the more apparent, regulators are increasingly adopting measures to proactively mitigate the resounding impact a cyber incident has the potential to cause. One such measure is the European Union’s Digital Operational Resilience Act (DORA), which mandates that financial institutions adhere to a myriad of new practices related to information and communications technology (ICT) risk management.
Although DORA was entered into force two years ago, in 2023, it will be officially applied this month on 17 January. At that point, organisations must be fully prepared to meet the legislation’s stringent obligations laid out in a series of 64 Articles or face the legal consequences.
Achieving compliance, however, is far more intensive than merely…
