DORA Lead Manager (Digital Operational Resilience Act)
Financial entities will be required to ensure compliance with DORA requirements. Noncompliance with DORA can result in significant penalties, reflecting the seriousness with which the EU views digital operational resilience. While the specific penalties can vary based on the nature and severity of the noncompliance, they are designed to be dissuasive and proportionate.
The Digital Operational Resilience Act (DORA) is a comprehensive EU regulation designed to bolster the operational and cybersecurity resilience of financial entities, ensuring they are better equipped to handle information and communication technology (ICT) risks and disruptions in an increasingly interconnected and digital financial environment.
ICT Risk Management
DORA mandates that financial institutions develop and maintain a comprehensive framework to manage ICT risks, encompassing prevention, detection, response, and recovery measures, ensuring operational continuity and mitigating the impact of potential disruptions on financial systems and customers.
Incident Reporting
Financial entities must implement robust processes for reporting significant ICT-related incidents, such as cyberattacks or system failures, to regulators in a standardized and timely manner, fostering transparency and enabling authorities to coordinate responses effectively.
Third-Party Risk Management
The regulation emphasizes rigorous oversight of third-party ICT service providers, particularly critical providers like cloud services, requiring institutions to establish risk assessment processes, contractual safeguards, and termination rights to minimize dependencies and potential vulnerabilities.
Resilience Testing
DORA enforces regular, systematic testing of ICT systems through methods like penetration testing, scenario-based evaluations, and advanced resilience assessments, ensuring that financial entities can identify weaknesses and enhance their defenses against cyber threats.
Information Sharing
The regulation encourages financial entities to voluntarily exchange cyber threat intelligence and share best practices, promoting collective preparedness and improving sector-wide resilience against sophisticated and evolving cybersecurity challenges. By harmonizing digital resilience requirements across the EU, DORA aims to ensure the stability of financial institutions, protect consumer trust, and strengthen the overall integrity of the financial system in the face of growing digital risks.
The certification on DORA from PECB
The PECB Certified DORA Lead Manager training course will help you gain the knowledge and advance the skills in establishing, implementing, and managing an ICT risk management framework based on DORA requirements.
