Among the favorite targets of hackers, banks, insurance companies and investment firms must strengthen their cyber security by the end of 2024 to meet the requirements of the Digital Operational Resilience Act (DORA), adopted by the European Council at the end of November. DORA is the EU’s most important regulatory initiative for operational resilience and cyber security in the financial services sector to ensure that the European financial sector is able to withstand major operational disruptions.

First published in September 2020 as part of the Union’s Digital Finance Package (DFP), DORA’s implementation period will last 24 months, meaning companies have until the end of 2024 to comply.

What are the DORA requirements?

Almost every type of financial institution in the EU will need to ensure that its suppliers and their security controls meet sustainability standards, and the effort required of financial institutions will be proportionate to the potential risks. At the same time, DORA establishes uniform requirements for the security of networks and IT systems of companies in the financial sector, as well as critical third parties that provide them with ICT (information and communication technology) services, such as cloud platforms or data analytics services. In addition, ICT service providers from third countries will have to set up branches in the EU so that supervision can be properly ensured.

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The article was signed by Mircea Bozga, Risk Assurance Partner, PwC Romania, Robert Girdok, Senior Manager, PwC Romania and Rezvan Cioc, Manager, PwC Romania

Article supported by PwC Romania