In 2022, the EU has adopted the Digital Operational Resilience Act. DORA ↗️ came into force on January 16, 2023 and will apply from January 17, 2025.
It aims to establish a higher level of cybersecurity to providers of financial services, such as:
- Banks
- Credit providers
- Crowdfunding
- Crypto plaftorms
- Insurance
- Investing platforms
- Payment service providers
- Retirement plans
- Trading platforms
Does DORA impact you?
While DORA primarily addresses financial institutions in the EU, parts of it might also apply to their supply chain. For instance, SaaS, cloud or managed service providers delivering their services to these entities may also receive the requirement to demonstrate their compliance.
Contents of DORA
DORA is a comprehensive piece of legislation, describing the responsibilities of EU member states, including jurisdiction and penalties for non-compliance.
Measures
Furthermore, and this is what most of the fuss is about, articles 5 through 30 contain a number of technical, operational and organizational measures that financial entities must implement, related to:
- Risk management
- Incident management
- Penetration testing
- Supplier relations
- Information transfer
Comply to DORA by implementing ISO 27001
Most of the requirements above can be covered when implementing an information security management system (ISMS) according to ISO 27001. Certification is not mandated by DORA, but it will certainly help organizations to demonstrate their compliance.
Next to compliance to DORA, there are many more benefits in implementing ISO 27001!
How can we help?
Instant 27001 helps organizations implementing ISO 27001 in the shortest amount of time and success is guaranteed!
We have already helped more than 1,500 organizations improving their cybersecurity posture, preventing data breaches and building stakeholder trust – all at the same time.
Instant 27001 is available for Atlassian Confluence and Microsoft 365. Prices start at € 1995.