DORA Compliance for Financial Entities
The EU's Digital Operational Resilience Act is now in effect. Ensure your financial institution meets ICT risk management, incident reporting, and third-party oversight requirements.
Contact UsDORA is Now Enforceable
As of January 17, 2025, DORA is fully applicable across all EU member states. Financial entities must have frameworks, policies, and reporting structures in place.
Regulatory Scrutiny
European Supervisory Authorities (ESAs) are actively reviewing firms' frameworks and identifying compliance gaps.
Third-Party Oversight
Critical ICT third-party providers have been designated. Your vendor relationships are under scrutiny.
Incident Reporting
Major ICT-related incidents must be reported to competent authorities within strict timelines.
What is DORA?
The Digital Operational Resilience Act (DORA) is an EU regulation that strengthens the IT security of financial entities. It ensures that banks, insurance companies, investment firms, and other financial entities can withstand, respond to, and recover from ICT disruptions.
Unlike directives, DORA is a Regulation, directly applicable in all EU Member States without requiring national transposition. This creates a unified framework across the entire EU financial sector.
DORA's Five Pillars
Who Must Comply with DORA?
DORA applies to 21 different types of financial entities. If you operate in the EU financial sector, you're likely covered.
Banks & Credit Institutions
All credit institutions, including commercial banks, savings banks, and cooperative banks operating in the EU.
Insurance & Reinsurance
Insurance undertakings, reinsurance undertakings, and insurance intermediaries meeting size thresholds.
Investment Firms
Investment firms, fund managers, trading venues, and central securities depositories.
Payment Institutions
Payment service providers, electronic money institutions, and account information service providers.
Crypto-Asset Providers
Crypto-asset service providers authorized under MiCA, including exchanges and custody providers.
ICT Service Providers
Critical ICT third-party providers designated by ESAs, and all ICT providers serving financial entities.
DORA Penalties & Consequences
Non-compliance carries significant regulatory and business consequences
Regulatory Penalties
- Administrative fines set by national authorities
- Public statements identifying violations
- Cease and desist orders
- Suspension of business activities
Business Impact
- Loss of operating licenses
- Reputational damage
- Increased regulatory scrutiny
- Contract terminations from partners
Key DORA Requirements
ICT Risk Management
- Comprehensive ICT risk management framework
- Business continuity and disaster recovery plans
- ICT asset management and classification
- Vulnerability management and patching
Incident Management
- ICT incident classification and reporting
- Initial notification within 4 hours
- Intermediate report within 72 hours
- Final report within 1 month
Resilience Testing
- Regular vulnerability assessments
- Penetration testing programs
- Threat-led penetration testing (TLPT)
- Scenario-based testing
Third-Party Management
- Register of ICT third-party providers
- Due diligence and ongoing monitoring
- Contractual requirements with providers
- Exit strategies and concentration risk
Our DORA Compliance Process
Gap Assessment
Evaluate your current ICT risk management against DORA requirements and identify compliance gaps.
Framework Design
Develop comprehensive ICT risk management framework, policies, and procedures aligned with DORA.
Implementation
Implement technical controls, incident reporting processes, and third-party management systems.
Testing & Validation
Conduct resilience testing, penetration testing, and validate compliance with regulatory requirements.
Ready to Achieve DORA Compliance?
We help financial entities navigate DORA's complex requirements. From gap assessment to full compliance, we're your partner in digital operational resilience.
Hand Off Compliance. Keep Building.
Your compliance system is ready. Hand off vendor management, questionnaire responses, and regulatory compliance, and get back to building the product your customers are paying for.
Contact Us
Prefer to talk it through? Book a free consultancy call