DORA (Digital Operational Resilience Act) is an EU regulation that came into force on January 16, 2023, with full applicability starting from January 17, 2025.
DORA aims to establish a consistent and common level of digital operational resilience across financial services firms. By ensuring robust operational resilience, DORA aims to safeguard the European financial sector against cyber threats and disruptions.
The regulation requires EU financial entities and their critical ICT providers to adopt comprehensive information and communications technology (ICT) risk management capabilities into their security processes. Compliance with DORA will require full adherence to five critical areas of focus outlined in the regulation:
NIS 2
The NIS 2 Directive builds upon the foundational principles of the original Network and Information Security (NIS) Directive a.k.a. NIS1.
The NIS Directive EU-2016/1148 was adopted in 2016. It was the first legislative measure at European level with the aim of achieving high levels of cybersecurity of network and information systems enhancing cooperation between Member States and creating a first level of harmonization in the field of cybersecurity.
NIS focused on essential services in sectors like health, energy, transport, and finance.
NIS 2 is part of a European legislation bundle of :
3 Directives
1 Regulation
Aiming at:
•Improving EU cybersecurity posture
•Increase security of critical infrastructures in EU
Operational resilience is vital for the financial sector, particularly in the digital age, as it directly affects the stability and security of financial services.
Incident reporting, functional resilience testing, and third-party risk monitoring. DORA recognises that a lack of operational resilience can cause instability in the entire financial system when these incidents occur.
It helps your organization stay resilient and ready to handle new threats as they come up.
The NIS2 Directive aims to improve cybersecurity across the EU. Its goal is to ensure that key companies and organizations have strong digital security.
The DORA regulation focuses on boosting the digital resilience of the financial sector. It ensures that financial entities can keep operating during a cyberattack, maintaining the availability and integrity of financial services.
These two regulations work together. NIS 2 strengthens overall cybersecurity in the EU, while DORA ensures the financial system remains operational during cyberattacks.
Holistic Resilience: It mandates that financial entities build digital resilience into their broader operational frameworks. It’s not just about technology—it’s about integrating digital resilience seamlessly into everyday processes.
Homogeneous Requirements: Across all EU member states, whether you’re a bank in Luxembourg or an insurer in Spain, the rules apply uniformly.
Prevention and Mitigation: The main core objective is to prevent and mitigate cyber threats. By enhancing ICT risk management, financial entities can withstand, respond to, and recover from disruptions.
Awarness and training: Financial entities shall develop ICT security awareness programmes and digital operational resilience training as compulsory modules in their staff training schemes
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