EU Digital Operational Resilience Act (DORA)
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Cyberattacks have always been a tremendous headache for most businesses. This can be an even bigger nuisance for financial entities, such as banks, investment firms, and insurance companies, owing to the financial, reputational, and legal consequences they leave behind.
The Digital Operational Resilience Act, also known as DORA, ensures that all such financial entities have operational resilience via adequate frameworks to handle any disruptions arising from such attacks. It is the ability of a financial entity to assure operational integrity from a technological perspective by addressing the security of the network and information systems needs, ultimately ensuring the continued provision of financial services.
DORA places several security-related requirements and obligations upon organizations in the financial sector, as well as critical third parties which provide ICT (Information Communication Technologies)-related services to them, such as cloud platforms or data analytics services.
The efforts asked from financial entities in implementing the adequate framework will be proportional to the potential risks they face.
The Solution
Securiti empowers all organizations to ensure compliance with DORA's provisions with the help of its plethora of products, which include, but are not limited to, AI-driven data discovery, notification management, autonomous documented accountability, data breach management, and vendor risk assessment.
The solutions mentioned above are backed up by state-of-the-art artificial intelligence and machine-learning-based algorithms, making Securiti a market leader in providing data compliance and governance solutions.
Request a demo today to learn how Securiti can aid your and your organization's compliance with Digital Operational Resilience Act (DORA).
Implement Security Controls
Articles: 6(2), 9, 10
Leverage appropriate security controls to ensure all sensitive and personal data assets are appropriately protected against any form of unauthorized access, usage, or modification that may jeopardize the integrity and confidentiality of data.
Implement Security Policies
Articles: 9(4), 12
Implement a strict data access governance policy and measures that ensure access rights, strong authentication mechanisms and appropriate data access controls. Also, develop and apply data recovery and restoration policies.
Incident Response & Notification Automation
Articles: 11(2)(e), 14, 17, 19
Automate compliance actions and breach notifications to concerned stakeholders about security incidents, including ICT-related incidents and cyber threats, by leveraging a knowledge database on security incident diagnosis and response.
Assess Third-Party Risk
Article: 28
Conduct assessments to identify third-party risks to mitigate identified risks and determine the overall risk profile of the third party.
Facts About The EU Digital Operational Resilience Act
DORA will apply to credit institutions, payment institutions, account information service providers, electronic money institutions, investment firms, crypto-asset service providers, central securities depositories, central counterparties, trading venues, trade repositories, managers of alternative investment funds, management companies, data reporting service providers, insurance and reinsurance undertakings, insurance intermediaries, reinsurance intermediaries, and ancillary insurance intermediaries, institutions for occupational retirement provision, credit rating agencies, administrators of critical benchmarks, crowdfunding service providers, securitization repositories, and ICT third-party service providers;
DORA will not apply to managers of alternative investment funds, insurance undertakings, institutions for occupational retirement schemes with less than 15 members, insurance intermediaries, and post office giro institutions;
Member states within the EU will name a competent authority to supervise the enforcement of DORA within their territories;
Member states will confer on competent authorities the power to apply the administrative penalties and remedial measures as per their national laws;
Where member states have chosen to lay down criminal penalties for breaches of this regulation, they shall ensure that appropriate measures are in place so that competent authorities have all the necessary powers to liaise with judicial, prosecuting, or criminal justice authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for breaches of this regulation.
At Securiti, our mission is to enable enterprises to safely harness the incredible power of data and the cloud by controlling the complex security, privacy and compliance risks.
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