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Olaf Classen BaFin the German Federal Financial Supervisory Authority has started the DORA clock ticking. As it announces that more the 3,600 Financial Institutions must comply with the EU cybersecurity risk management regulation from January 2025. Raising the question of how many companies in total must comply with DORA across the 27 member states? This is also a warning shot across the ICT vendors and MSP that supply these FIs as they must also demonstrate compliance to their customers who must carry the risk of supply chain cyber risks.
As the top financial center in the EU Germanys clarification of DORA sends a clear message that cybersecurity risk management regulatory compliance is priority for the German regulator and ultimately the European Central Bank. BaFin has highlighted in the enclosed article (figure 2) the necessity for covered entities to enforce oversight, assurance and attestation of cybersecurity risk management through corporate governance, and ICT risk management frameworks and controls and education. Demonstrating and testing compliance to what can be described as the NIST CSF.
Veritas GRC has been working with legal, compliance, risk and audit professionals to create compliance programs that meet the standards expected to comply with DORA. Programs that are founded on over 30 years experience leading cybersecurity risk management within financial services; programs that comply to both the SEC final cyber rule and EU NIS 2. Programs that meet the regulated requirement in DORA for boards to demonstrate their knowledge, skills and experience of cybersecurity risk management, ICT risk management frameworks, control effectiveness, compliance assurance, legal oversight and governance.
Please reach out to Brian D. McCarthy, @Thaddeus Dziekanowski or myself to find out more.
BaFin European Commission European Parliament
#dora #eunis2 #cybersecurity #cyberriskmanagement
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