On Jan. 17, 2025, the Digital Operational Resilience Act (DORA) officially goes into effect. This legislation has major implications for the financial sector and their suppliers, such as IT service providers and cloud providers. Find out below what this means for your organization and how you can prepare for DORA.
What does DORA entail? 📜
DORA is a new regulatory framework from the EU designed to strengthen the digital resilience of the financial sector. The legislation imposes strict requirements on financial institutions, but also on their suppliers. These include IT service providers, software developers and cloud providers.
What does DORA mean for suppliers? 🚨
As a provider of services to financial institutions, you will find that there are more stringent requirements for your processes and security. This includes:
- Selection and assessment: Financial institutions will start assessing their suppliers more carefully. They need to be sure you meet DORA’s standards.
- Contract Changes: Expect contract changes or addendums from your customers. These are needed to meet the new obligations.
- Audits and reporting: Suppliers will need to be able to demonstrate compliance with stated risk management and incident response requirements.
- Security Standards: You will be subject to the same security standards as your clients in the financial sector. This means you have to proactively work on your own digital resilience.
Why is this important to you? 🎯
By evaluating and adapting your processes now, you ensure that you meet the requirements of DORA in a timely manner. This not only gives you a competitive advantage, but also the assurance that you are prepared for the future.
- Strengthened security: By reviewing your security policies and processes, you are better protected against digital threats.
- Contractual obligations: Your clients will want to be sure that you have taken the right measures. This may mean that you are contractually obligated to provide certain reports or audits.
- Risk and incident management: You need to be prepared for potential incidents and proactively manage risks.
How do you prepare? ✅
- Assess your current processes: Make sure you meet security and continuity requirements.
- Communicate with customers: Be transparent about your preparations and ask what their expectations are under DORA.
- Work with your IT teams: Make sure your IT infrastructure is ready for audits and that your incident management systems are functioning properly.
Conclusion 🎉
With the introduction of DORA comes more stringent requirements for both financial institutions and their suppliers. Fortunately, you don’t have to worry about this if you use the modern workplace packages from ALTA-ICT. These packages are fully aligned with the latest regulations, so you can be assured that your organization meets the security and continuity requirements of DORA. Want to know more? Visit alta-ict.nl/ModernWork and find out how you can strengthen your digital resilience with our solutions! 🌐
