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The European Union has adopted the text for its Digital Operational Resilience Act (DORA). DORA is one of a number of legislation that the EU is working on that focus on cybersecurity risk management. RLegislation that has consequences of national (EU) and international organisations, CNI providers, Financial Services firms and software and hardware vendors.
DORA focuses on Financial Institutions only and has been developed to require FIs to address their ICT risks and ICT risks of their software vendors, with a heavy focus on cloud vendors. It is notable that along with other EU legislation and the recent SEC proposal it focuses on Cybersecurity risk management, that is different to cybersecurity.
DORA should be familiar to FIs that are covered under Basel III. But increases the oversight, assurance and attestation FIs and their boards will have to undertake over their ICT risk and that of third party vendors.
Interestingly, while it does not recommend a specific cybersecurity standard DORA follows NIST Identify, detect, protect, respond and recover naming conventions.
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #dora #cyberlaw
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