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Thank you Olaf Classen for sending this post. DORA is only 10 months away from transposition by EU member states and 12 months from being applied. DORA requires covered Financial Institutions to adopt a risk based approach for the oversight, assurance and attestation of the management of internal and external ICT risks.
The Bank of England released a consultation paper on the 7th of December that focuses on the oversight, assurance and attestation of the management of Third Party ICT risks by covered firms, Financial Market Infrastructure(FMI), their boards and senior management.
The consultation looks to address the definitions of what is a Critical Third Party (CTP) supplier, the services that CTPs provide to firms regulated by UK finance regulators (BoE, PRA, and/ or FCA), irrespective of where those CTP services are carried out. Highlighting that the UK Financial Policy Committee (FPC) has been monitoring the potential systemic risks posed by CTP suppliers to the UKs financial industry.
European Financial Institutions are waiting for final transposition of DORA in 2024, that one suspects the Bank of England’s Consultation will closely align to.
Ted Dziekanowski Brian D. McCarthy
#cybersecurity #cyberriskmanagement #cni
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