🛡️ DORA: Digital Operational Resilience Act
EU Regulation for Cybersecurity and Operational Resilience
Protecting financial institutions and their customers from cyber threats and scams
What is DORA?
DORA (Digital Operational Resilience Act) is a new EU regulation that sets cybersecurity and operational resilience requirements for financial institutions, fintech companies, and their service providers.
Effective since January 2023, DORA aims to strengthen the resilience of the EU financial system against cyber attacks, fraud, and operational disruptions.
Key Objectives of DORA
🎯 1. Strengthen Cybersecurity
Set strict cybersecurity requirements to prevent unauthorized access, data breaches, and malware attacks.
🔄 2. Ensure Business Continuity
Require organizations to maintain operational resilience during cyber incidents and maintain critical functions.
🕐 3. Minimize Recovery Time
Establish incident response times and recovery procedures to minimize financial impact and customer harm.
📊 4. Transparency & Reporting
Require organizations to report cyber incidents and maintain transparency about their security posture.
🛡️ 5. Protect Customers
Safeguard customer data and protect against fraud, scams, and unauthorized transactions.
Who Must Comply with DORA?
Financial Institutions
Banks, insurance companies, investment firms, payment processors
Fintech Companies
Cryptocurrency exchanges, digital payment providers, robo-advisors
Third-Party Service Providers
Cloud providers, IT vendors, security firms serving financial institutions
Payment Service Providers
Companies processing digital payments and transfers
Main DORA Requirements
🔐 ICT Security Requirements
- • Multi-factor authentication (MFA) for critical systems
- • Data encryption for sensitive information
- • Regular security assessments and penetration testing
- • Access controls and privilege management
- • Logging and monitoring of all security events
🚨 Incident Reporting
- • Report major incidents within 24 hours to regulators
- • Notify customers of data breaches promptly
- • Maintain detailed incident logs
- • Conduct post-incident reviews
📋 Third-Party Risk Management
- • Assess security of all vendors and suppliers
- • Include security requirements in contracts
- • Monitor third-party compliance
- • Have exit strategies for critical providers
🧪 Testing & Resilience
- • Conduct regular penetration testing
- • Test disaster recovery plans annually
- • Perform threat-led penetration testing (TLPT)
- • Maintain business continuity procedures
👥 Governance & Training
- • Designate ICT Risk Officer
- • Provide cybersecurity training to all staff
- • Implement governance frameworks
- • Board-level cyber risk oversight
✅ How DORA Protects You
- ✓ Stronger Security: Financial institutions must implement robust security measures
- ✓ Faster Incident Response: Organizations are required to respond quickly to cyber attacks
- ✓ Better Transparency: You'll be informed promptly if your data is compromised
- ✓ Reduced Fraud Risk: Enhanced controls help prevent scams and unauthorized transactions
- ✓ Customer Protection: Your financial data and transactions are better protected
- ✓ Vendor Accountability: All service providers must meet security standards
⚠️ How DORA Helps Against Scams
DORA strengthens the financial ecosystem against scams by:
- 🔐 Multi-factor Authentication: Makes it harder for scammers to access accounts even with stolen credentials
- 🛡️ Fraud Detection: Enhanced monitoring detects suspicious transactions and activities
- 📱 Security Awareness: Regulated institutions provide better customer education on fraud
- 🚀 Quick Response: Incident response requirements mean faster action against fraud
- 🔍 Vendor Security: All connected services must meet security standards, reducing supply chain fraud
📅 DORA Timeline
January 2023
DORA regulation enters into force
January 2024 - June 2025
Transitional period for organizations to implement requirements
July 2025
Full compliance deadline for all regulated entities
🎯 Key Takeaways
- ✓ DORA is an EU regulation strengthening cybersecurity for financial institutions
- ✓ It protects customers from cyber attacks, fraud, and scams
- ✓ All financial institutions must comply by July 2025
- ✓ Requirements include strong security, incident reporting, and testing
- ✓ You benefit from stronger protections against scams and fraud
📚 Related Resources
📞 Questions?
Want to know more about how DORA compliance strengthens cybersecurity? Contact us:
📧 Email: info@cybersecurity.fi
🌐 Website: cybersecurity.fi