The deadline of January 17, 2025, for Digital Operational Resilience Act (DORA) compliance has passed, yet many financial institutions and their ICT providers are still navigating the complexities. As Joe Ciancimino, Director at Is Partners, highlights, “DORA introduces very specific provisions, unprecedented in their breadth for security-focused legislation. Its core aim is to effectively counter the escalating landscape of cyber threats.” The intent is clear: to fortify the financial system against widespread disruption from individual cyber incidents.
DORA: Addressing the Resilience Gap
Previously, financial firms often relied on financial reserves to buffer against operational risks. However, capital alone is insufficient to neutralize cyber threats. DORA fundamentally shifts this approach by mandating proactive and robust measures:
- Mandatory Resilience Testing: Including rigorous penetration testing every three years to identify vulnerabilities.
- Continuous ICT Risk Management & Monitoring: Establishing ongoing oversight and management of ICT risks.
- Strict Vendor Security Compliance: Ensuring third-party ICT providers meet DORA’s stringent security standards.
- Rapid & Structured Incident Reporting: Implementing standardized processes for swift and comprehensive reporting of incidents.
Why Compliance Remains a Challenge
Despite the urgency, numerous organizations are still struggling to achieve full DORA compliance. Key challenges include:
- Non-Compliant Third-Party ICT Providers: Many firms are hindered by their reliance on ICT providers who themselves do not yet meet DORA requirements.
- Lack of Clear Risk Assessment Frameworks: Organizations often lack the defined frameworks necessary for effective risk assessment and management.
- Absence of Mandatory Penetration Testing: The implementation of required penetration testing is lagging in many institutions.
- Inadequate Incident Reporting Processes: Existing incident reporting protocols often fall short of DORA’s detailed regulatory expectations.
If your organization is behind schedule, immediate action is crucial.
How Is Partners Accelerates Your DORA Journey
IS Partners provides specialized solutions designed to expedite your DORA compliance process:
✔ Compliance Assessment: A thorough audit of your current controls, encompassing:
- Documentation Review & Management Inquiries: Detailed examination of documentation and interviews to understand existing processes.
- Walkthroughs to Assess Compliance Gaps: Practical assessments to identify areas where compliance is lacking.
- Detailed Report with Findings & Remediation Steps: A comprehensive report outlining findings and providing actionable steps for remediation.
✔ Combined SOC 2 + DORA Package: For organizations already engaged in a SOC 2 audit (or similar frameworks), this package offers:
- Maps Existing Controls to DORA Requirements: Alignment of current controls with specific DORA requirements for efficiency.
- Provides Dual Compliance Insights Across Multiple Standards: Simultaneous insights into both SOC 2 and DORA compliance.
- Delivers a Final Report Aligning SOC 2 & DORA Frameworks: A unified report addressing both SOC 2 and DORA frameworks for streamlined compliance.
It’s not too late to achieve compliance. Explore our comprehensive DORA Compliance Guide and utilize our Free Checklist for further guidance: https://hubs.li/Q037KWBr0
How is your company progressing with DORA compliance? Connect with our experts today to discuss your specific needs: https://hubs.li/Q037KWQj0
