21 Jan 2025
by Garry Steel

DORA takes effect: The EU's new digital resilience requirements

Guest blog by Garry Steel, Senior Consultant at BSI Consulting

The Digital Operational Resilience Act (DORA) has now taken effect (January 17, 2025), marking a major change in European Union (EU) financial regulation.

What is DORA?

DORA is a comprehensive new framework that responds to the increasing digitalization of financial services across the EU. It establishes mandatory digital operational resilience requirements to protect the financial sector.

These requirements affect not just traditional banks and insurers but extend to a wider range of financial services organizations and to the technology partners they rely on, including cloud platforms, software vendors, and ICT managed service providers.

Requirements

For financial entities

  • Implement proactive risk management systems to identify and mitigate potential operational disruptions.
  • Establish swift incident response protocols for addressing technological challenges.
  • Conduct regular resilience testing to strengthen digital defences.
  • Monitor and assess third-party ICT risks throughout the digital supply chain.

For ICT third-party service providers

Agree to strict contractual requirements, including:

  • Listing (and updating) the countries from where the ICT services will be delivered and where data will be processed and stored.
  • Provisions on availability, authenticity, integrity, and confidentiality in relation to the protection of data.
  • Participation in the financial entities’ ICT security awareness programmes and digital operational resilience training.
  • Rights of access, inspection, and audit.

Business impact

Non-compliant financial organizations may be subject to severe financial penalties and suffer significant reputational damage that may affect competitiveness. For ICT third-party service providers working in the financial sector, DORA is now essential to successfully operating in this space.

Global implications

Though DORA is an EU regulation, its reach extends globally—any ICT service provider working with EU financial institutions must comply with the relevant requirements regardless of where they operate.

You can read the original blog here.


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Jill Broom

Jill Broom

Head of Cyber Resilience, techUK

Jill leads the techUK Cyber Security programme, having originally joined techUK in October 2020 as a Programme Manager for the Cyber and Central Government programmes. She is responsible for managing techUK's work across the cyber security ecosystem, bringing industry together with key stakeholders across the public and private sectors. Jill also provides the industry secretariat for the Cyber Growth Partnership, the industry and government conduit for supporting the growth of the sector. A key focus of her work is to strengthen the public–private partnership across cyber to support further development of UK cyber security and resilience policy.

Before joining techUK, Jill worked as a Senior Caseworker for an MP, advocating for local communities, businesses and individuals, so she is particularly committed to techUK’s vision of harnessing the power of technology to improve people’s lives. Jill is also an experienced editorial professional and has delivered copyediting and writing services for public-body and SME clients as well as publishers.

Email:
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Annie Collings

Annie Collings

Programme Manager, Cyber Resilience, techUK

Annie is the Programme Manager for Cyber Resilience at techUK. She first joined as the Programme Manager for Cyber Security and Central Government in September 2023. 

In her role, Annie supports the Cyber Security SME Forum, engaging regularly with key government and industry stakeholders to advance the growth and development of SMEs in the cyber sector. Annie also coordinates events, engages with policy makers and represents techUK at a number of cyber security events.

Before joining techUK, Annie was an Account Manager at a specialist healthcare agency, where she provided public affairs support to a wide range of medical technology clients. She also gained experience as an intern in both an MP’s constituency office and with the Association of Independent Professionals and the Self-Employed. Annie holds a degree in International Relations from Nottingham Trent University.

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Raya Tsolova

Senior Programme Manager, techUK

Raya Tsolova is a Programme Manager at techUK. 

Prior to joining techUK, Raya worked in Business Development for an expert network firm within the institutional investment space. Before this Raya spent a year in industry working for a tech start-up in London as part of their Growth team which included the formation and development of a 'Let's Talk Tech' podcast and involvement in London Tech Week. 

Raya has a degree in Politics and International Relations (Bsc Hons) from the University of Bath where she focused primarily on national security and counter-terrorism policies, centreing research on female-led terrorism and specific approaches to justice there. 

Outside of work, Raya's interests include baking, spin classes and true-crime Netflix shows! 

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Tracy Modha

Tracy Modha

Team Assistant - Markets, techUK

Tracy supports several areas at techUK, including Cyber Exchange, Cyber Security, Defence, Health and Social Care, Local Public Services, Nations and Regions and National Security.

Tracy joined techUK in March 2022, having worked in the education sector for 19 years, covering administration, research project support, IT support and event/training support. My most outstanding achievement has been running three very successful international conferences and over 300 training courses booked all over the globe!

Tracy has a great interest in tech. Gaming and computing have been a big part of her life, and now electric cars are an exciting look at the future. She has warmed to Alexa, even though it can sometimes be sassy!

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Authors

Garry Steel

Garry Steel

Senior Consultant, BSI Consulting

Garry is a specialist in digital trust and offers services in information risk, cybersecurity, data protection, and compliance.