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Last week marked a milestone in EU cybersecurity. With EU NIS 2.0 (EU Network and Information Security) and DORA (Digital Operations Resilience Act) moving forward to ratification by EU Parliament and Council members. The impact of either should not be under estimated.
Both put in place significant requirements for Critical National Infrastructure Providers (CNI) and Financial Services Companies to implement cybersecurity risk management, governance, oversight and assurance. For the protection of Critical Infrastructure from Cyber and Technology risk.
DORA is a significant development for EU Financial Services firms, some of which already comply with Basel 3. DORA requires the implementation of a clear accountable governance of ICT risk management, a risk management framework, the implementation of an ISMS, policies, procedures and controls to manage ICT risks, the oversight of cybersecurity of third party supplier ICT risks, reporting of incidents and for organisations to complete regular testing and compliance audits.
For those EU Financial Institutions that comply with Basel 3 and Operational Risk regulatory and capital requirements. DORA will complement existing oversight and assurance of technology and cyber risks. Adding third party supplier ICT assurance and formal testing and compliance oversight that is likely carried out by local Financial regulators under the European Central Bank (ECB).
For European Banks registrant on US Capital Markets DORA comes at a time when the SEC is also proposing cybersecurity risk management, governance strategy and incident reporting. One expects that the two programs will align within the Financial Institutions to oversight and assure cybersecurity risk.
More to follow on DORA.
Ted Dziekanowski
#cybersecurity #dora #cybersecurity #cyberriskmanagement #compliance #regulation #ECB #SEC
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