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A further indication of the cyber regulatory train building up stream and pulling away form the platform. As European Financial Supervisory Authorities (ESA) (EBA, EIOPA, ESMA – the ESAs) published a guide on the oversight of the Digital Operational Resilience Act (DORA). As subject that we will be discussing with our colleagues at Schellman and Ryan Buckner later today.
While the supervisory Authorities guide is not legally binding, the Authorities are legally bound to EU regulations and Global Banking regulations for the oversight and assurance of the EU financial institutions and financial markets.
In short it may well be guidance, but the ESAs will adhere to the processes set out in the guidance to oversight and assure the ICT risk of Critical Third Party Providers (CTPP) of ICT products and services to FIs.
There will be many CTPPs that are new to the level of regulatory oversight that the ESAs will bring to bear on them and the regulatory penalties that they can enforce. A further reason why the boards of covered CTPPs should pay very close attention to the regulatory requirements set out in DORA, least of all as both the ESAs and CTPP clients will be very focused on the governance, risk management oversight and assurance of ICT risk.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC European Banking Authority (EBA) European Securities and Markets Authority (ESMA) European Insurance and Occupational Pensions Authority (EIOPA)
#dora #cyberriskmanagement #cyberregulation European Insurance and Occupational Pensions Authority (EIOPA)
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