DORA

DORA – The EU’s Digital Operational Resilience Act is a set of EU regulations to enhance the cyber resilience of financial institutions aiming to ensure they can continue to function during cyberattacks or other potentially disastrous IT incidents. It is scheduled to come into force from January 2025. It sets standards for managing cybersecurity risks, incident reporting, and digital resilience for banks, insurers, payment service providers, and other financial entities. DORA emphasizes harmonized rules across the EU, covering risk management frameworks, third-party ICT service providers, and regulatory oversight. Its goal is to ensure financial firms can withstand, respond to, and recover from ICT-related disruptions and cyber threats.