DORA, Resilience
DORA: Keys to Resilience and Security in the Financial Sector
DORA (Digital Operational Resilience Act) is one of the most important regulations that will come into force in the European Union in January 2025. Its objective is to ensure that both financial institutions and their technology providers are able to withstand, respond to, and recover from disruptive events, such as cyberattacks or operational failures. In this way, it establishes a uniform regulatory framework that strengthens the digital resilience of the financial sector, guaranteeing that critical systems remain operational even in crisis situations.
The key points of DORA: Beyond cybersecurity
DORA not only focuses on cybersecurity but also encompasses other essential aspects of operational resilience:
1. Risk Management: Entities must identify and mitigate technological risks, protecting critical data and systems.
2. Operational Resilience: Preparing to ensure business continuity even in the event of incidents.
3. Incident Notification: Significant incidents must be promptly reported to the authorities with detailed information.
4. Vendor Oversight: Technology providers critical to operations will be subject to stricter oversight.
DORA and its impact on financial institutions
For the financial sector, DORA is crucial because it provides a more structured approach to managing technological risks, especially in a context where cyberattacks are becoming increasingly frequent and sophisticated. By complying with DORA, institutions not only protect their operations but also enhance market and consumer confidence, demonstrating that they have the necessary infrastructure and plans in place to address any contingency.
With DORA, financial institutions will be forced to change how they manage their technological and operational risks. It’s no longer just about preventing cyberattacks, but about ensuring that systems can remain operational under any circumstances. This broader approach to digital resilience will transform business processes, from supplier management to business continuity planning.
In the long term, DORA will require financial institutions to adopt a proactive and holistic view of digital resilience, which implies greater investment in technology, ongoing staff training, and continuous monitoring of their technology providers.
At ARENA, we have prepared ourselves to ensure that our solutions and our clients’ operations fully comply with DORA requirements.
We not only help our clients comply with DORA, but we also ensure that our own technology solutions meet the highest standards of security and resilience. From design to software implementation, we integrate DORA requirements into all our projects. We regularly conduct stress tests and vulnerability analyses to ensure the continuous readiness of both our own and our clients’ systems.
Key actions we are taking include:
• Stress testing: We evaluate the ability of systems to withstand adverse conditions, ensuring that both our solutions and our clients’ solutions are prepared to handle any eventuality.
• Vulnerability analysis: We identify and correct potential weaknesses in our systems to continuously improve their security.
• Business continuity and incident response plan development: We design and implement plans that allow financial institutions and ourselves to continue operating in the event of any disruption.
• Incident notification automation: We align our notifications with the templates of the latest DORA RTS, ensuring a rapid response that complies with regulatory requirements.
• Continuous monitoring of our technology solutions: We guarantee that our systems meet our clients’ regulatory and security requirements at all times.
This comprehensive approach allows us not only to comply with regulations but also to help our clients ensure the operational resilience and security of their own systems. With our experience and commitment, we ensure that our technology solutions remain aligned with the highest security and resilience standards required by DORA.
How we help our clients adapt to DORA
At ARENA, we act as strategic partners, helping our clients understand the implications of DORA and implement solutions that ensure compliance. We offer solutions that cover all key areas of the regulation, from comprehensive technology risk management to the automation of regulatory reporting. We support our clients throughout the entire process, ensuring their systems are robust, secure, and resilient to any challenge.
As technology providers, we understand that our responsibility is twofold: to protect our own processes and to offer our clients the necessary tools to comply with DORA effectively and securely. This approach ensures our clients are prepared for the challenges of today’s financial environment.
In short, DORA compliance not only represents a regulatory challenge but also an opportunity for financial institutions and their suppliers to strengthen their operational resilience and prepare for a safer and more stable future.
