DORA: Your guide to compliance in the Nordics
Dora Compliance
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The financial landscape is evolving rapidly, demanding both innovation and unwavering security. DORA, the Digital Operational Resilience Act, arrives as a cornerstone, establishing robust technical standards to fortify the sector’s cyber resilience. Implemented in January 2023 with a two-year window, DORA mandates financial entities and their critical third-party technology providers to adopt stringent measures. This framework aims to build a fortified, standardized, and pan-European approach to IT security, fostering technological advancement while ensuring financial stability, robust consumer protection, and enhanced resilience against cyber threats.
Key considerations of DORA:
- ICT* risk management: Implementing and maintaining controls to mitigate IT-related risks.
- ICT related incident management: Establishing processes for identifying, reporting, and responding to IT incidents.
- Business Continuity (BCP) testing: Regularly simulating and evaluating your resilience to IT disruptions.
- ICT third-party risk management: Assessing and mitigating risks associated with third-party providers.
- Vulnerability mitigation and Patching
*ICT = Information Communication Technologies
How DORA impacts Nordic financial institutions?
This Act will necessitate a paradigm shift in operational frameworks, urging institutions to fortify their digital resilience against a constantly evolving threat landscape. Key areas of impact include:
Heightened Regulatory Scrutiny: Financial institutions and their third-party providers will face stricter compliance requirements.
Enhanced Cyber Resilience: DORA promotes a proactive approach to cybersecurity, safeguarding your critical operations and customer data.
Level Playing Field: DORA harmonizes regulations across the EU, creating a more equitable and competitive environment for Nordic institutions.
Increased Operational Costs: Investments are needed to meet DORA’s technical standards, but these translate to long-term gains in stability and security.
Do you want to know more about DORA?
Companies covered by DORA
The Act applies to a wide range of financial institutions, including: Payment institutions, Electronic banking institutions, Insurance companies, Service providers and most importantly – Third-party providers of IT security services.
How TM Group can help you comply with DORA?
At TM Group, we are leading experts in financial compliance, dedicated to empowering Nordic institutions navigate the complexities of DORA compliance in relation to our lines of business. Leveraging our expertise and innovative solutions, we offer tailored services to fortify your operational resilience and mitigate regulatory risks.
- Gap analysis: Identifying areas where your organization needs to improve to meet DORA requirements.
- Implementation support: Assisting you in developing and implementing a DORA compliance plan
Additional tips for Nordic financial institutions
Start early: Begin preparing for DORA compliance well in advance of the January 2025 deadline.
Seek expert advice: Partner with experienced consultants like TM Group to navigate the complexities of DORA.
Collaborate with other institutions: Share best practices and learn from each other’s experiences.
Remember: DORA compliance is not just a regulatory requirement, but an opportunity to enhance your organization’s cyber resilience and operational stability. By taking proactive steps to comply with DORA, you can ensure your long-term success in the evolving digital landscape.
Have any further questions about DORA?
Reach out to our expert in compliance
