The Digital Operational Resilience Act (DORA) aims to ensure the financial sector is more resilient and prepared for cyberattacks or IT disruptions. Given the increasing frequency and complexity of these attacks, it’s evident why these new regulations are being introduced now.
DORA seeks to standardise security and resilience practices across the sector and is expected to be rigorously enforced. Let’s take a look at 5 key strategies companies can employ to ensure they are compliant.
Continuous Compliance
DORA will likely require continuous oversight as new threats emerge, meaning compliance should be treated as an ongoing responsibility. The financial sector faces ever-evolving risks, so firms must regularly update their procedures to maintain compliance. Routine assessments and testing of processes and technologies will be essential for staying compliant with DORA.
Involving Employees
Ensuring all employees are informed of policy changes and actively involved makes it easier for compliance to be part of everyday business. When staff are more familiar with specific risks they can better identify vulnerabilities and report suspected threats. Since cybercriminals often exploit the weakest link (which is typically employees), educating staff about cyberattack risks and how to mitigate them is key to improving adherence and maintaining security.
Maintaining Documentation
Documenting all actions taken under DORA compliance is essential. Unlike other regulations, where checks are often one-time, DORA compliance will likely involve regular reviews. Maintaining a continuous record of risk assessments, incident reports, and actions taken to improve resilience will be necessary. This will demonstrate regulatory compliance and provide a clear history of the organisation’s cybersecurity and IT resilience efforts.
Consulting Experts
Navigating DORA compliance and cybersecurity may seem overwhelming, especially in a highly regulated industry like finance. Bringing in external experts can alleviate this burden and ensure compliance is being handled. Additionally, in the event of a cyberattack or IT incident, swift action can be taken to protect data and maintain adherence to the regulations.
Securing Third-Party Partnerships
As the threat from cybercriminals grows, securing your sensitive data has never been more essential. More and more financial organisations have invested heavily in front-line defences to safeguard this sensitive data. However, with attackers now targeting vulnerabilities in third-party suppliers connected to financial firms, companies must ensure that their suppliers’ security is as strong as their own. DORA will examine supply chain resilience and weaknesses as part of its compliance requirements. Understanding and securing your entire supply chain is crucial for adhering to DORA.
At Penta, DORA compliance advisory and management services can manage this for you, so you can focus on your core business. We also have a range of compliance-ready IT products and services, to help you bridge any gaps and tackle any IT risks that may exist in your IT infrastructure and processes before they become a compliance issue. Speak to one of our consultants today to find out more.