Digital Operational Resilience Act (DORA)

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Digital Operational Resilience Act (DORA)

The Digital Operational Resilience Act (DORA), No. 2022/2554 of the European Parliament and of the Council of December 14, 2022, regarding the digital operational resilience of the financial sector and amending Regulations (EC) No. 1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU) No. 909/2014, and (EU) No. 2016/1011, aims to enhance the operational resilience of financial institutions, ensuring the robustness of their critical business functions and the protection of customer interests.

By proactively implementing DORA, organizations will be able to strengthen their cybersecurity framework, enhance incident response capabilities, and align with regulatory expectations.

Main Objectives:

  • Enhanced Cybersecurity Measures: Implement advanced cybersecurity measures to protect customer data, financial transactions, and critical infrastructure against cyber threats.

  • Operational Risk Assessment: Conduct a comprehensive assessment of operational risks, identifying potential vulnerabilities, and developing strategies to address them.

  • Incident Response and Recovery Planning: Develop and test robust plans for incident response and recovery to minimize downtime in the event of a cyber incident or operational disruption.

  • Regulatory Compliance: Ensure compliance with the Digital Operational Resilience Act, demonstrating commitment to meeting regulatory requirements and industry best practices.

Main Pillars of DORA:

Risk Assessment and Management: 

DORA emphasizes the need for organizations to conduct regular risk assessments and develop risk management strategies. This includes identifying, assessing, and mitigating risks related to the use of digital technologies, as well as establishing risk appetite and tolerance.

Incident Management: 

The regulation requires organizations to have a robust incident management plan to respond to and recover from digital incidents, such as data breaches, cyber attacks, and system failures. This plan should include clear roles and responsibilities, as well as procedures for reporting and escalating incidents.

Business Continuity Plan (BCP): 

DORA highlights the importance of a Business Continuity Plan to ensure the continuity of critical business functions during and after a digital incident. This involves developing a BCP, regularly testing it, and updating it as needed.

Disaster Recovery Plan (DRP):

The regulation also emphasizes the need for organizations to have a Disaster Recovery Plan to restore systems and data after a disruptive event. This plan should include clear objectives, roles and responsibilities, as well as procedures for disaster recovery.

Compliance and Reporting: 

DORA requires organizations to comply with relevant laws, regulations, and industry standards related to digital operational resilience. This includes regular reporting to relevant authorities and stakeholders on the organization's operational resilience status and any incidents that may have occurred.

Training and Awareness: 

The regulation highlights the importance of training and awareness programs for employees and managers to ensure they understand their roles and responsibilities in maintaining operational resilience. This includes training in incident response, business continuity, and disaster recovery procedures.

Governance and Oversight: 

DORA establishes a governance framework for organizations to ensure the effectiveness of their operational resilience efforts. This includes creating a dedicated resilience committee, as well as conducting regular reviews and audits of the organization's operational resilience practices.

International Coordination: 

The regulation recognizes the need for international coordination to address global risks related to digital operations. This includes establishing international standards for operational resilience and promoting information sharing and collaboration among countries.


How does BDO address DORA?

Our consultancy services, tailored to support your organization in navigating the intricate landscape of the Digital Operational Resilience Act (DORA), are aligned with this ever-evolving digital era. The need for robust operational resilience is crucial, and we are here to guide you every step of the way.

Our Expertise:

  • Regulatory Compliance Assurance:

Navigating the complexities of the DORA framework requires a nuanced understanding of regulations. Our experts are well-acquainted with the intricacies of the Digital Operational Resilience regulation.

We ensure that your organization not only complies with the regulation but surpasses compliance standards, providing a solid foundation for operational resilience.

  • Risk Assessment and Mitigation:  

Identifying and mitigating risks lies at the core of operational resilience. Our team conducts comprehensive risk assessments, identifying potential vulnerabilities and developing comprehensive strategies to strengthen your digital infrastructure. We believe in a proactive approach to risk management to safeguard your operations against unforeseen challenges.

  • Integration and Technology Optimization: 

Adopting the latest technologies is crucial for enhancing operational resilience. We assist in seamlessly integrating cutting-edge technologies into your existing systems, ensuring a smooth transition and optimizing your digital operations. Our goal is to enhance your organization's technological capabilities, making it agile and resilient in the face of evolving threats.

  • Training and Empowerment: 

It is essential to empower your team with the knowledge and skills required for DORA compliance. We offer customized training programs designed to educate and empower your workforce. Our focus is on creating a culture of awareness, preparedness, and adaptability within your organization.

  • Incident Response Planning: 

No system is immune to incidents, but a well-prepared response can make a significant difference. We collaborate with your team to develop robust incident response plans, ensuring quick and effective actions in challenging situations. Our emphasis is on minimizing downtime and mitigating the impact of disruptions to your operations.

Why Choose BDO?

Experienced Professionals: 

Our team comprises experienced professionals with extensive expertise in regulatory compliance, technological risk management, and technology integration.

Client-Centric Approach: 

We understand that each organization is unique. Our consultancy services are tailored to the specific needs and challenges of your business, ensuring a personalized and effective solution.

Continuous Support: 

Operational resilience is an ongoing journey. We provide continuous support, keeping you updated on regulatory and technological developments, adjusting strategies as needed to maintain maximum resilience.

Become our partner and strengthen the digital foundations of your organization.

Together, let's navigate the complexities and build a resilient and future-ready company.

Contact us today for a consultation tailored to your needs.

Learn more about DORA.

 

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