The Digital Operational Resilience Act (DORA), effective from January 17, 2025, imposes stringent cybersecurity obligations on EU financial entities and their ICT service providers. Under DORA, financial entities must register their ICT providers with local EU authorities to manage outsourcing risks effectively. This regulation aims to reduce potential operational disruptions that could affect the financial stability of EU markets. Compliance requires detailed recording of service provider contracts, with deadlines varying by member state but generally set for early to mid-April 2025. DORA signifies a shift in risk management responsibilities to ensure resilience in the tech-driven financial sector.
DORA seeks to bolster cybersecurity obligations for financial entities engaging ICT services, mandating that these entities register their ICT third-party providers with EU authorities.
The Act aims to mitigate operational disruption risks in the financial sector arising from outsourcing ICT services, ensuring stability within EU markets.
Compliance under DORA requires financial entities to detail their third-party ICT service providers, enhancing transparency and accountability within the financial services framework.
The introduction of DORA shifts the burden of risk management onto financial entities, compelling them to reinforce operational resilience against technological disruptions.
Collection
[
|
...
]