DORA and Digital Trust: The Value of Standard Contractual Clauses for Cloud Services

The Digital Operational Resilience Act (DORA) represents a milestone in the regulation of cybersecurity and operational resilience within the financial sector. One of the key elements in ensuring trust within this new digital ecosystem is promoting standardization and transparency in contractual relationships between financial entities and ICT service providers, particularly in the realm of cloud computing.

Why Are Standard Contractual Clauses Important?

Standard contractual clauses, developed by public authorities or institutions of the European Union, such as the European Commission, offer several advantages for both financial entities and ICT service providers:

• Enhanced Legal Certainty: By relying on standards and best practices established at the European level, these clauses reduce legal uncertainty and minimize litigation risks.
• Ease of Negotiation: Standard clauses streamline the contract negotiation process by providing a common starting point and eliminating the need to renegotiate already established aspects.
• Increased Transparency: By explicitly outlining the obligations and responsibilities of each party, standard clauses contribute to greater transparency in contractual relationships.
• Promotion of Trust: The adoption of standard contractual clauses fosters a higher level of trust between financial entities and ICT service providers, demonstrating a shared commitment to security and resilience.

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Examples of Standard Clauses for Cloud Services:

1. Information Security Clauses: These clauses establish the minimum security requirements that a cloud service provider must meet, such as implementing encryption measures, managing security incidents, and conducting periodic penetration tests.
2. Business Continuity Clauses: These clauses define the expected service levels, disaster recovery procedures, and business continuity plans that the cloud service provider must ensure.

In Conclusion, the standard contractual clauses developed by the Commission for cloud computing services offer a valuable tool for strengthening digital trust within the financial sector. By incorporating these clauses into their contracts, financial entities and ICT service providers can contribute to creating a safer and more resilient environment for the provision of financial services in the digital age.

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