Deciphered: Keys to Digital Operational Resilience in Financial Entities

In recent years, digitalization has radically transformed the financial sector. However, this transformation has also brought new risks, particularly in the realm of cybersecurity. To address these challenges, the European Union has implemented a new regulation, the DORA (Digital Operational Resilience Act).

Below is the video we have prepared, which may be of interest to you:

The DORA Regulation establishes a robust framework for the supervision of financial entities regarding digital operational resilience.

First Principle: Coordination Among European Supervisory Authorities: Close collaboration is sought among different authorities to ensure consistent and effective supervision across the European Union.

Second Principle: Consistency with Directive 2022/2555: Through voluntary consultations, duplication of efforts is avoided, and resources dedicated to the supervision of essential third-party ICT service providers are optimized.

Third Principle: Due Diligence to Protect Excluded Entities: Measures are established to minimize the risk of service disruptions provided by essential suppliers to entities not directly regulated by DORA.

Si te ha interesado este artículo no dudes en leer:

DORA and ICT Incident Notification: A Digital Big Brother for Banking?

The entry into force of DORA (Regulation (EU) 2022/2554) has marked a turning point in the regulatory landscape of cybersecurity in the financial sector. This new legal framework, designed to strengthen the digital operational resilience of financial entities, raises a crucial debate: Is greater centralization in the notification of cyber incidents necessary?

What Implications Does This Have for Financial Entities?

1. The DORA Regulation imposes new obligations on financial entities concerning cyber risk management, penetration testing, recovery plans, and incident notification.
2. It is crucial for financial entities to adapt to this new regulatory framework to ensure their operational resilience and protect the interests of their clients.

In conclusion, the DORA Regulation marks a milestone in the regulation of cybersecurity in the financial sector. At ILPA Abogados, we are committed to helping our clients comply with the new requirements of this regulation and strengthen their position in an increasingly complex digital environment.

If you enjoyed this article, you might also find the following reading interesting:

DORA: The New Paradigm in ICT Incident Reporting for Financial Entities