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As digital transformation accelerates, the need for robust cybersecurity frameworks within the financial sector has never been more critical. Both the Digital Operational Resilience Act (DORA) and the NIS2 Directive are key regulations that aim to elevate the cybersecurity posture of organizations across the European Union. With these regulations, businesses must implement effective measures to reduce cyber risks, ensure operational continuity, and safeguard critical services from disruptions.
What is DORA?
The Digital Operational Resilience Act (DORA) is a comprehensive EU regulation designed to strengthen the digital resilience and cybersecurity of financial institutions across Europe. DORA unifies cybersecurity expectations for the financial sector, ensuring that organizations are prepared to handle and recover from operational disruptions, such as cyberattacks or system failures.
DORA introduces a framework to reduce cybersecurity risks and improve operational resilience, covering all sectors of the financial industry. It applies to a wide range of entities, including:
Effective Dates:
Implications of DORA:
Red Flags to Watch:
Key Requirements for Cyber Resilience
The Digital Operational Resilience Act (DORA) outlines several critical requirements aimed at ensuring that financial institutions can effectively manage ICT risks, report incidents, and maintain operational continuity in the face of digital disruptions. These requirements focus on risk management, incident handling, resilience testing, third-party risk management, and collaborative information sharing.
ICT Risk Management Requirements
DORA introduces a set of core principles that form the foundation of an ICT risk management framework. These principles guide organizations in managing and mitigating digital risks at every stage, including:
ICT Incident Reporting Requirements
DORA sets clear guidelines for reporting ICT incidents, aiming to standardize the process of incident management across financial institutions. This harmonized approach ensures that organizations can quickly identify, manage, and report incidents, allowing for a consistent and integrated handling of cybersecurity breaches and disruptions.
Digital Operational Resilience Testing
To ensure continuous resilience, ICT systems and tools must be regularly tested by all entities. This includes:
Information Sharing Agreements
DORA encourages information sharing agreements between entities within trusted financial communities. By exchanging information about new and emerging cyber threats, financial institutions can raise awareness and better prepare for potential risks. This collaborative approach strengthens the sector’s collective resilience to cyber threats.
ICT Third-Party Risk Management
DORA establishes general principles for managing third-party ICT risks, highlighting the importance of assessing and mitigating risks from external vendors and service providers. Key requirements include:
The NIS2 Directive strengthens cybersecurity and resilience of critical infrastructure across the European Union. Building on its predecessor, NIS, the directive focuses on increasing the level of preparedness and coordination between EU Member States while enforcing cybersecurity measures for key sectors.
NIS2 stands on three foundational pillars:
What Requirements Does NIS2 Bring About?
NIS2 introduces several new requirements to enhance the overall security posture of organizations and sectors. These requirements focus on improving risk management, corporate governance, incident reporting, and business continuity:
Entities are treated differently depending on their categorization:
There are new requirements that:
There are differences in the risk ownership per type of entity:
Deloitte offers a full suite of services to help your organization navigate the complexities of DORA and NIS2 compliance. Our team combines industry-leading tools, methodologies, and expertise to guide you from initial gap assessments to full regulatory implementation.
Gap Analysis & Readiness Assessment
We perform thorough gap assessments to analyze your current cybersecurity posture and determine your organization’s level of compliance with DORA and NIS2. This evaluation helps identify areas for improvement and provides a roadmap to meet regulatory requirements.
Implementation Services
Vendor Selection Support
Awareness Trainings for DORA/NIS2 Specifics