EU regulation on digital operational resilience for the financial sector.
The Digital Operational Resilience Act (DORA) is an EU regulation establishing requirements for digital operational resilience in the financial sector. DORA covers ICT risk management, incident reporting, resilience testing, third-party risk management, and information sharing. It applies to banks, insurers, investment firms, and critically—their ICT service providers. DORA creates an oversight framework for critical ICT third-party providers, recognising the systemic risk they pose to financial stability.
Why It Matters
The DSC Perspective:
DORA affects financial services and their IT providers in the EU. If you provide IT services to EU financial institutions, expect increased scrutiny and contractual requirements around operational resilience.