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5 areas where DORA imposes new cybersecurity requirements

Cybersecurity and operational resiliency are challenges facing organizations across sectors (photo: CC0 Public Domain)

With the adoption of the Digital Operational Resilience Act, better known as DORA (Digital Operational Resilience Act), the European Union aims to ensure that the financial sector in Europe can maintain its resilience in the event of serious operational disruptions. The regulation has already entered into force and will become mandatory for application from January 17, 2025.

DORA covers all companies providing financial services – such as banks, payment providers, e-money providers, investment firms, crypto-asset service providers, as well as critical ICT service providers acting as outsourcing companies for regulated financial participants markets.

There are 5 main areas in which DORA imposes new requirements, explained the IT company Mnemonica. Her team assists organizations in implementing the Digital Resilience Act. Here are the 5 key areas:

1. ICT risk management of financial entities

The requirement includes risk assessment, development of a continuous monitoring strategy and appropriate risk management policies.

2. Obligations to report ICT incidents

Companies must follow strict incident reporting procedures to the regulator, as well as collect and store information on all ICT-related incidents and significant cyber threats.

3. Digital operational stability testing

Financial companies should test their operational security and conduct regular penetration tests performed by external independent IT service providers.

4. European Framework for Monitoring Third Party ICT Service Providers

Relationships with third-party IT service providers should be monitored to ensure that the services they provide meet DORA requirements.

5. Information Sharing

The exchange of information regarding cyber threats between financial organizations is encouraged.

Some of the appropriate measures to take include: creating data backup and recovery strategies, early warning procedures to detect and manage cyber attacks, appropriate testing and auditing – vulnerability assessments and checks, network security assessments, gap analysis, physical security analysis, questionnaires and scanning software solutions, compatibility tests, performance tests or penetration tests.

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