DORA Compliance

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What is DORA Compliance?

The Digital Operational Resilience Act (DORA) is a comprehensive EU regulation designed to enhance the digital operational resilience of financial institutions. It aims to protect these entities from ICT-related disruptions and ensure businesses stay up and running. By implementing robust risk management, incident reporting, and resilience testing, DORA compliance ensures a secure and stable financial environment in the EU, building further trust in business growth.

Who needs to be DORA Compliant?

DORA applies to a wide range of financial entities and institutions operating within EU member states, including:

Banks and credit institutions.
Payment institutions.
Investment firms.
Insurance companies.
Crypto-asset service providers.
Crowdfunding platforms.
Fintech companies.
Trading venues.
Third-party ICT service providers supporting the financial sector.

DORA Compliance Requirements

To achieve DORA compliance, organizations must adhere to five key pillars as follows

ICT Risk Management

Implement comprehensive security frameworks to identify, protect against, detect, respond to, and recover from cyber threats.

Incident Reporting

Develop security systems for promptly reporting major ICT incidents to regulators.

Digital Operational Resilience Testing

Conduct regular testing such as vulnerability scans and penetration testing to ensure system security and robustness.

Third-Party Risk Management

Monitor and manage security risks associated with ICT service providers.

Information Sharing

Share relevant cybersecurity information and data protection strategies within the industry (voluntarily).

Penalties for DORA Non-Compliance in the EU

Non-compliance with DORA Compliance can result in severe penalties such as:

Financial Penalties

Fines up to €2 million or 2% of annual turnover for critical lapses in the security setup.

Administrative Penalties

Suspension or revocation of operational licenses for repeated violations.

Criminal Penalties

Executive liability for gross negligence may lead to imprisonment in extreme cases of security violations.

How can miniOrange help with DORA Compliance?

Risk Assessment Tools

Identify vulnerabilities and assess ICT risks in your infrastructure.

Incident Reporting Frameworks

Automate incident management processes to keep your systems and infrastructure secured.

Resilience Testing Services

Conduct penetration testing and vulnerability scans to find issues and misconfigurations in your infrastructure.

Third-Party Risk Management Platforms

Monitor and mitigate risks associated with external vendors that your business maybe using.

Compliance Automation Tools

Streamline reporting and governance processes throughout the company to detect and analyze security breaches.

The Digital Operational Resilience Act (DORA) is a comprehensive EU regulation designed to enhance the digital operational resilience of financial institutions. It aims to protect these entities from ICT-related disruptions and ensure operational uptime.