DORA Regulation: Compliance for the Financial Sector

Emmanuelle NTSIBA

Consultant Manager Cybersecurity

Public presentation on Dora regulation

The Digital Operational Resilience Act (DORA) regulation is a major concern for the financial sector. This European Union-wide regulation aims to strengthen the ability of financial institutions to withstand cyberattacks, while ensuring business continuity.

In this article, our financial cybersecurity experts review the requirements of this standard and guide you on how to increase your operational resilience and ensure your DORA compliance.

Get support for your compliance

A brief summary of the DORA Act
Answers to frequently asked questions about the Dora Law in cybersecurity.

What is the DORA regulation?

DORA stands for the Digital Operational Resilience Act. It is the European Commission’s regulation on the digital operational resilience of financial services in the face of the growing risk of cyber-attacks. The aim of the DORA standard is to harmonize cybersecurity policies in the financial sector.

Who is covered by DORA?

The DORA Cybersecurity Directive applies to the financial services sector in the European Union. All banks and financial institutions operating in the EU are affected by this regulation.

When will the DORA regulations go into effect?

The Digital Operational Resilience Regulation (DORA), which comes into force on January 16, 2023, will take effect on January 17, 2025. Financial services institutions must therefore be compliant before that date.

Requirements of the DORA Regulation

The European DORA regulation requires financial firms to: 

  • Map and perform operational resilience testing of critical IT services, processes and systems
  • Establish effective incident management and report incidents that have a significant impact on business continuity and pose a threat
  • Implement effective cybersecurity measures
  • Implement a third-party risk management framework
  • Implement an operational resilience governance and oversight framework
  • Develop business continuity plans
  • Regularly test and update their operational resilience plans

What are the risks of non-compliance?

Non-compliance exposes companies to EU sanctions:

Fines: up to 1% of annual turnover

Corrective actions: Competent authorities may impose corrective actions on companies

Loss of authority: public censure may be imposed and may damage the company's image

Withdrawal of license: Repeat offenders may lose their license to operate.

 

Ensure Dora compliance with Victrix

Victrix, the GRC Expert, Helps You Achieve Dora Compliance

Victrix assists banks, financial institutions and credit institutions in their compliance efforts with a rigorous approach tailored to their specific needs, integrating the best standards and regulations. Our GRC consultants are certified.
Discover all the stages of our personalized support to ensure your compliance with DORA regulations.

 

Compliance Audit

Our GRC consultants assess your security posture based on standards as well as specific regulations applicable to your business sector (NIS2, LPM...).

Action plan design

We design a customized action plan to meet compliance requirements and close any gaps identified during the audit.

Compliance Implementation

  • Implementing processes and procedures:

Our DORA and cybersecurity experts help implement practices that meet the requirements of the DORA regulation or complementary regulations such as the RGPD.

  • Technology Integration:

Victrix provides technology solutions tailored to your needs, ensuring that security and compliance are built into your systems.
With the expertise of our GRC consultants, you will benefit from personalized support, whether to meet international standards or to align with the legal and regulatory requirements of DORA.

Start your project with Victrix