In today’s digitalised financial landscape, ensuring digital operational resilience is not just a choice but now a necessity by law. Complying with the Digital Operational Resilience Act (DORA) is a step forward in securing your financial institution against ICT-related risks.
The Digital Operational Resilience Act (DORA) is a new EU regulation that aims to strengthen the digital operational resilience of financial entities. It applies to a wide range of financial entities regulated by the Central Bank of Ireland, and introduces targeted rules on ICT risk management, incident management, testing, and third-party risk. DORA builds on existing Central Bank guidance on outsourcing, operational resilience, and IT and cybersecurity risks.
DORA is a significant piece of legislation that will have a major impact on the way financial entities manage their digital risks. Financial entities should start preparing for DORA now by reviewing their existing ICT risk management frameworks and processes.
Our Assessment service is designed to help financial instituations improve their security posture and reduce their ICT risk by evaluating their current environment and providing actionable recommendations to align with the regulatory compliance stardards.
Our assessment process consists of four steps:
We begin by identifying the specific requirements of your institution with respect to DORA, ensuring that the assessment is tailored to your unique needs and challenges.
Leveraging the expertise of our DORA certified CISO with over two decades of experience in cybersecurity, forensics, and compliance, we pinpoint areas of improvement and potential vulnerabilities within your existing framework.
Our team devises a strategic roadmap, offering actionable insights and recommendations to help your institution achieve compliance with DORA regulations, while also enhancing your overall operational resilience.
Adhering to DORA’s standards is not a one-time task. We aid you in instituting an iterative process that ensures ongoing compliance and constantly refines your ICT risk management strategies.
WHY TRUST COMMSEC?
With over a decade of experience in cybersecurity and compliance, we are proud to be certified to ISO27001 and Cyber Essentials, upholding the highest standards in information security and cyber protection. Our team bring to the table a holistic understanding of data protection, risk, and compliance. This comprehensive knowledge equips us to navigate the complexities of DORA and tailor solutions that resonate with your specific needs. Every assessment we undertake is managed by our DORA-certified professional CISO, a committed security professional with over 20 years of experience in cybersecurity, forensics, and compliance. Trust us to be your guide in the complex journey of DORA compliance.
Path to dora Compliance
The Five Pillars of DORA
A robust framework at its core, DORA stands on five foundational pillars that clarify requirements and expectations for varied dimensions of operational resilience. These pillars form the cornerstone of the act, providing a comprehensive approach to ICT risk management and cybersecurity:
- ICT Risk Management and Governance: This pillar emphasises the importance of sound risk management practices and governance structures. Financial institutions must establish and maintain effective ICT risk management policies and processes, ensuring alignment with the overall business strategy.
- ICT-related Incident Reporting: In the event of ICT-related incidents, financial institutions are mandated to promptly report these occurrences. This facilitates timely response and remediation, minimising potential fallout and systemic disruptions.
- Digital Operational Resilience Testing: Periodic testing is paramount. This pillar requires institutions to regularly test their operational resilience against a myriad of potential scenarios and threats. This proactive approach ensures readiness and adaptability in the face of evolving ICT threats.
- ICT Third-party Risk: Recognising the interconnected nature of today’s digital ecosystem, DORA mandates a vigilant approach to third-party ICT service providers. Institutions must evaluate, monitor, and manage risks stemming from third-party partnerships, ensuring that these entities uphold the same standards of security and resilience.
- Information Sharing: In a bid to foster collaborative defence, DORA encourages financial institutions to share pertinent information related to threats, vulnerabilities, and incidents. This collaborative ethos can exponentially enhance the collective security posture of the financial sector.
By rooting your operations in these five pillars, you not only ensure compliance with DORA but also fortify your institution’s defence mechanisms against the multifaceted challenges of the digital age.
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A member of our team will get back to you as soon as possible. They will find a suitable time to speak with you, answer any questions you have and help find the perfect solution to suit your requirements.