Understanding DORA
Digital Operational Resilience Act Requirements
The Digital Operational Resilience Act (DORA) is a comprehensive EU regulation that establishes uniform requirements for the security of network and information systems supporting business processes of financial entities. DORA applies from January 17, 2025, fundamentally changing how financial services organizations manage operational resilience.
🎯 Who Must Comply with DORA?
DORA applies to a wide range of financial entities operating in the EU
Credit Institutions
Banks, building societies, and other credit institutions authorized under EU banking regulations.
Investment Firms
Investment services providers, portfolio managers, and investment advisors.
Insurance Companies
Insurance and reinsurance undertakings, insurance intermediaries, and ancillary services providers.
Payment Institutions
Payment service providers, electronic money institutions, and account information service providers.
Crypto-Asset Providers
Entities providing crypto-asset services under the Markets in Crypto-Assets Regulation (MiCA).
Central Counterparties
CCPs, central securities depositories, and trading venues including exchanges.
Market Infrastructure
Credit rating agencies, administrators of critical benchmarks, and trade repositories.
ICT Third-Party Providers
Cloud service providers and other critical ICT service providers to financial entities.
🔑 Key DORA Requirements
Five pillars of digital operational resilience
ICT Risk Management Framework
Financial entities must establish a comprehensive ICT risk management framework covering:
Governance and Organization
Clear roles, responsibilities, and accountability for ICT risk management
Risk Assessment
Regular identification, assessment, and treatment of ICT risks
Protection and Prevention
Measures to protect ICT systems from cyber threats
Detection and Response
Capabilities to detect and respond to ICT incidents
ICT Incident Reporting
Mandatory reporting of major ICT-related incidents to competent authorities:
Digital Operational Resilience Testing
Regular testing of ICT systems and security measures:
📅 DORA Implementation Timeline
DORA Entry into Force
Regulation published and entered into force, beginning the implementation period.
Regulatory Technical Standards
European Supervisory Authorities develop detailed technical standards and guidance.
DORA Application Date ✅
Full compliance required for all in-scope financial entities and critical third parties.
🎯 Need Expert DORA Compliance Support?
BD Emerson's regulatory compliance experts help financial services organizations navigate DORA requirements and implement robust operational resilience frameworks.
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