Digital Operational Resilience Act (DORA)

• Why ?

In November 2022, the European Union (EU) adopted the Digital Operational Resilience Act, an innovative regulatory framework that addresses risks posed by the digital transformation of financial services, as well as the increase in volume and severity of cyber attacks within the sector.

• Formal Adoption by 2025

DORA has been formally adopted, and the regulation enters into force on 16 January 2023. In short, DORA targets businesses and organisations that operate in the financial sector, as well as critical third parties that offer ICT-related services to financial entities. With a relatively tight preparation and implementation period of 24 months, financial entities will be expected to be compliant with the regulation by 17 January 2025.