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In this lesson you will learn more about the Digital Operational Resilience Act (DORA), which as a part of the Digital Finance Regulations, aims to provide guidance to institutions in this sector, setting out rules for managing the ICT-related incidents.
Nowadays, cybersecurity attacks pose a serious threat to the financial sector – they have the ability to compromise the entire system. The Digital Operational Resilience Act (DORA), as a part of the Digital Finance Regulations, aims to provide guidance to institutions in this sector, setting out rules for managing the ICT-related incidents.
DORA, the Regulation of the European Parliament and of the Council on the digital operational resilience of the financial sector, is a part of the Digital Finance package.
DORA came into force on 16 January 2023 and the regulations will apply from 17 January 2025.
Currently, the general framework for cybersecurity at the EU level is defined by Directive (EU) 2016/1148 of the European Parliament and of the Council (NIS - Network and Information Systems Directive). Its amendment, the so-called NIS 2 Directive, is due to come into force soon.
DORA is expected to become the main reference point in terms of cybersecurity in the financial sector.
The general goal is to increase operational digital resilience for EU financial sector entities by simplifying and improving existing regulations, as well as introducing new requirements in areas where gaps are apparent.
The regulation aims to consolidate and update ICT (Information and Communications Technology) risk requirements contained separately in individual regulations and directives.
DORA applies to the following entities:
DORA consists of 5 key areas:
Within each of the key areas, DORA requires financial entities to comply with a number of requirements with respect to various aspects within ICT and digital security. Thus, it provides a comprehensive* framework for the digital resilience of financial entities.
* European Supervisory Authorities are expected to prepare and publish regulatory technical standards regarding the guidelines contained in the regulation to concretize the requirements.
DISCLAIMER
This material does not constitute investment advice, nor is it an offer or solicitation to purchase any cryptocurrency assets.
This material is for general informational and educational purposes only and, to that extent, makes no warranty as to, nor should it be construed as such, regarding the reliability, accuracy, completeness or correctness of the materials or opinions contained herein.
Certain statements in this educational material may relate to future expectations that are based on our current views and assumptions and involve uncertainties that could cause actual results, performance or events to differ from those statements.
BB Trade Estonia OU and its representatives and those working directly or indirectly with BB Trade Estonia OU do not accept any liability arising from this article.
Please note that investing in cryptocurrency assets carries risks in addition to the opportunities described above.
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