The DORA Regulation may pose several challenges for the impacted organizations, as they may not be adequately prepared to implement the new requirements.
The technical nature of some of the requirements will need advanced Cyber expertise. Many organizations do not have the in-house expertise to do that. Netsmart supports such organizations that require external assistance.
Netsmart’s consulting services and solutions are designed to support organizations in creating, executing, or evaluating the effectiveness of their ICT risk protocols, resilience and their compliance status.
Start preparing now. Contact Netsmart today and we’ll assist you to become DORA-compliant.
Our range of cyber resilience services for financial institutions includes the following:
Under DORA, financial entities and ICT providers are mandated to conduct regular risk assessments, develop business continuity plans, test their IT systems and processes for resilience against cyber threats and other operational risks, and protect customer data in adherence to data protection regulations.
DORA applies to a wide spectrum of regulated financial institutions, encompassing both traditional institutions like banks, investment firms, credit institutions, payment institutions, and insurance companies, as well as non-traditional entities such as crypto-asset service providers (CASPs), crypto-asset issuers, electronic money institutions (EMIs), and crowdfunding platforms.
Furthermore, DORA extends its reach to third-party service providers offering ICT systems and services to financial entities. This includes financial information managers, data information service providers, credit rating agencies, as well as digital and data service providers like cloud service providers, software providers, data analytics services, and data centers.
Institutions are required to align their existing frameworks and governance structures with the expectations set forth by the European Supervisory Authorities (ESAs), ensuring compliance with the DORA Regulation.
ESAs will play a key role in the overall market digital resilience, and they are expecting a whole new range of reporting and communication from financial institutions. Organisations can expect a higher supervision from ESAs and tighter controls.
