To address the challenge of increasing cyber threats, the European Union is taking action, starting with the sectors that handle the most sensitive information. This is why the DORA Regulation, also known as the Digital Operational Resilience Act (DORA). This directly affects financial entities, such as banks, insurance companies or investment companies.
What is the DORA Regulation?
DORA is a European Union regulation that seeks to establish a solid regulatory framework to strengthen digital operational resilience in financial entities. The primary objective of this regulation is to guarantee protection against cyber threats and maintain the stability of digital financial services.
The regulations came into force on January 16, 2023, and they have until January 2025 to comply with the legal requirements.
Key aspects
The Dora Regulation covers several relevant aspects to strengthen cybersecurity in financial entities. Key features include:
- Risk management: Companies are required to implement an effective approach to manage and minimize cybersecurity-related risks. This involves identifying potential threats, assessing their impact and applying appropriate measures to mitigate the risks.
- Operational resilience: It seeks to guarantee the ability to resist and recover from cyber incidents. This involves having adequate threat detection and response systems, as well as a solid contingency plan to minimize downtime and ensure business continuity.
- Monitoring and compliance: A supervisory framework is established to ensure that companies comply with cybersecurity requirements. In addition, sanctions are provided for those organizations that do not comply with the established standards.
Compliance Challenges and Best Practices
Implementing the Dora Regulation can pose significant challenges, especially for large companies. Some of the common challenges include managing system complexity, adapting to rapid technological advances, and maintaining a proactive cybersecurity approach.
To overcome these challenges, it is critical to adopt compliance best practices, such as ongoing employee training and awareness, collaborating with trusted service providers, and implementing comprehensive security solutions that are regularly updated.
In conclusion, the Dora Regulation is an important step in protecting financial institutions against cyber threats. By ensuring digital operational resilience and compliance with cybersecurity standards, this regulation strengthens cybersecurity protection and customer trust. As cybersecurity managers of large companies, it is essential to comply with the requirements of the Dora Regulation and take advantage of the benefits it offers to maintain security and business continuity in an increasingly complex digital environment.
If you would like to learn more about how Tranxfer solutions can help you comply with the Dora Regulation and securely protect your data, do not hesitate to contact us. contact us.
