The implementation of the Digital Operational Resilience Act (DORA) poses new challenges for financial companies and their ICT service providers. This regulation aims to strengthen digital resilience and ensure that companies are able to respond effectively to ICT-related disruptions and threats. In this blog post, we provide you with an overview of the most important steps and measures for the successful implementation of DORA.
Table of contents
1. Implement ICT risk management
A robust ICT risk management system is at the heart of DORA. Here are the essential steps:
- Risk identification: Identify all potential ICT risks that could affect your company.
- Risk assessment:Evaluate the identified risks in terms of their probability and potential impact.
- Risk mitigation: Develop and implement measures to minimise the identified risks.
- Monitoring and review: Continuously monitor the risks and regularly review the effectiveness of your risk minimisation measures.
Collaboration with third-party providers harbors additional risks. The following points should be noted:
- Contract review: Ensure that all contracts with third-party providers contain clear provisions on ICT security and resilience.
- Due diligence: Conduct a thorough review of the ICT security practices of your third-party providers.
- Continuous monitoring: Regularly monitor the performance and security of your third-party providers.
3. Reporting of ICT-related incidents
A quick and effective response to ICT incidents is crucial:
- Incident recording: Develop a system to record all ICT-related incidents.
- Incident analysis: Analyze the incidents to identify the causes and develop measures to prevent future incidents.
- Reporting: Report serious incidents immediately to the relevant authorities in accordance with DORA requirements.
4. Testing digital operational resilience
Regular testing is essential to ensure the resilience of your business:
- Situation analyses: Consider conducting situational analyses to assess the efficiency of your ICT incident response processes.
- Security checks: It may be helpful to occasionally call in external experts to check your systems for any vulnerabilities.
- Vulnerability resolution: Fix identified vulnerabilities immediately and update your security measures.
5. Exchange of information between financial companies
Sharing information about threats and incidents can strengthen collective resilience:
- Networks and platforms: Use networks and platforms to share information about ICT threats and incidents.
- Best practices: Share best practices and lessons learned with other companies to increase resilience together.
6. Documentation and reporting
Thorough documentation and regular reporting are essential:
- Documentation: Document all the measures you take to implement DORA.
- Reporting: Prepare regular reports for management and the relevant authorities on the progress and results of your measures.
Support through artificial intelligence (AI)
Implementing DORA can be complex, but with the right tools and partners you can meet the requirements effectively. Tucan.ai offers innovative innovative contract analysis and review solutions to help you ensure that your contracts comply with DORA requirements. Use Tucan.ai’s AI-supported technology to save time and resources and identify and eliminate potential risks at an early stage.
Careful planning and implementation
The successful implementation of DORA requires careful planning and execution. By following the steps above, you can ensure that your company is well prepared to meet the new requirements and strengthen digital resilience. Use Tucan.ai’s support to review your contracts and processes and ensure that you comply with the new regulations.
About Tucan.ai
Tucan.ai is a leading provider in the field of legal tech and offers innovative solutions for contract analysis and review.. With Tucan.ai’s AI-powered technology, you can save time and resources and ensure that your contracts comply with the latest legal requirements.
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