The digital transformation brings many advantages, but also challenges, especially for financial companies and their ICT service providers. To increase resilience to digital risks, the EU has introduced the Digital Operational Resilience Act (DORA). DORA comes into force on January 17, 2025, and ensures that financial companies and their service providers are prepared for digital attacks and disruptions. In this blog post, we explain what DORA is all about and what you need to bear in mind.
Table of contents
What is DORA?
DORA is an EU regulation that aims to strengthen the digital operational resilience of financial companies and their ICT service providers. The aim is to improve the ability of these organizations to respond to and recover from all types of ICT-related disruptions and threats.
Who is affected by DORA?
DORA affects a large number of financial companies, including:
- Credit institutions
- Payment institutions
- Investment firms
- Insurance companies
- Fund management companies
- Stock exchanges and trading platforms
Important requirements of DORA
1. ICT risk management
- Financial companies must introduce a robust ICT risk management system.
- Identification, assessment and mitigation of ICT risks are essential.
- Regular review and update of ICT risk management strategies.
- Financial companies must ensure that their third-party providers and service providers also comply with the DORA requirements.
- Contracts with third-party providers should include provisions on ICT security and resilience.
3. reporting of ICT-related incidents
- Financial companies must report serious ICT incidents to the competent authorities without delay.
- A systematic approach to recording, analyzing and reporting incidents is required.
4. Testing digital operational resilience
- Regular tests of resistance to ICT disruptions and attacks are mandatory.
- Simulation exercises and penetration tests should be carried out to identify and eliminate vulnerabilities.
5. Exchange of information between financial companies
- Promoting the exchange of information on threats and incidents between financial companies.
- Collaboration to strengthen the collective resilience of the industry.
Implementation of DORA
Implementing DORA can be complex, but with the right tools and partners you can meet the requirements effectively. This is where Tucan.ai comes into play. With Tucan.ai, you can check contracts for DORA-specific requirements and ensure that your agreements with third-party providers comply with legal requirements. Tucan.ai offers an intelligent solution for contract analysis and helps you to identify and eliminate potential risks at an early stage.
Early preparation
DORA represents a significant change for financial companies and their ICT service providers. It is crucial to start preparing early in order to meet the requirements in good time and strengthen digital resilience. Use tools like Tucan.ai to review your contracts and processes and ensure you are compliant 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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