DORA - New Cybersecurity Requirements in the EU Financial Sector
Key Aspects of DORA
DORA applies to a wide range of entities in the financial sector, including banks, investment firms, insurance companies, and financial service providers. It requires organizations within its scope to take risk management measures, including:
- Cyber Threat Monitoring and Management: Organizations must implement reliable systems for monitoring and managing risks to protect against cyber threats and incidents.
- Incident Management and Reporting: In the event of a cyber incident or security breach, organizations will need to report to regulatory authorities, ensuring timely response and enabling quick coordination in case of threats.
- Control over ICT Service Providers: DORA imposes stricter requirements for selecting and controlling ICT service providers to ensure their reliability and resilience.
- Standardized Procedures for All EU Member States: The regulation harmonizes operational resilience requirements across the European Union, reducing regulatory fragmentation and increasing the security of the financial sector.
The implementation of DORA will require financial institutions to make significant investments in securing their systems and enhancing resilience to digital risks. This will provide increased protection for their clients and ensure the safety of their financial data and services.
How Can We Help?
CONSEJO offers professional consultations and comprehensive assistance for the successful implementation of DORA requirements. We prepare organizations for the new standards by:
- Assessing the current IT infrastructure and identifying vulnerabilities;
- Developing cyber risk management strategies and implementing information security policies in compliance with the new regulation;
- Training and preparing employees for effective incident management and maintaining operational resilience.
Implementation of management standards
CONSEJO Ltd. is a consulting company with over 20 years of practical experience in the development, implementation and maintenance of management systems in accordance with international standards and regulatory requirements. The company provides consulting services in the areas of quality management, environmental management, occupational health and safety, food safety, information security, cybersecurity, risk management and sustainable development. Our expertise covers standards and schemes such as ISO 9001, ISO 14001, ISO 45001, ISO 22000, ISO/IEC 27001, IFS Food, BRCGS and HACCP, as well as consulting services related to NIS2, DORA, GDPR and EcoVadis.
The CONSEJO team has been involved in over 1,500 projects for organizations across various sectors of the economy, including manufacturing, construction, energy, information technology, transport, trade, the food industry and services. Our approach focuses on developing management systems that work effectively in practice, tailored to the specific characteristics and needs of each organization. We work closely with our clients, providing consulting support, staff training and assistance during implementation. We strive to deliver high-quality services within the agreed deadlines and solutions that support successful certification and create long-term value for businesses.
