Takeaways From The EU’s Digital Operational Resilience Act (DORA)
Back in June, the European Union (EU) announced plans to launch a new regulatory bill that will require entities in the financial industry such as banks and wealth management organizations to expand their third-party risk management programs. The expansion of these programs includes a robust set of requirements for cybersecurity practices and ways they should apply to information technology providers and services. The title of this new regulation is being referred to as the Digital Operational Resilience Act (DORA). The regulation has generated some mixed emotions from the financial industry due to the steep, short timeline that is in place against the financial institutions to meet the new requirements. Overhauls of internal systems and the establishment of new vendors can take months upon months to figure out. What does the Digital Operational Resilience Act cover exactly? Here is a brief overview. Stronger Cybersecurity Standards Although operational and financial resilience