As financial institutions become more and more reliant on digital systems, the threats they face from cyber criminals are only getting more frequent – and more sophisticated. DORA’s legislature is designed to enhance the operational resilience of these institutions, protecting them from threats now, and in the future.

DORA applies to both financial institutions and third-party providers that offer critical services to the sector. Covering a wide range of digital operational risks, from cyber threats and IT failures to data breaches and third-party dependencies, it’s hoped the act will become the standard format of protection for financial organisations across Europe. 

The ExactTrak take – Calling all CISO officers!

The cybercriminal industry (and it is an industry) clearly divides into those who are:

• Accessing systems through identity fraud/phishing etc
• Planting malware
• Extracting money through extortion
• Laundering that money

It’s a major step forward to see the financial services sector uniting to counter rising cyber threats. And a much needed step at that. The more information shared, the better the response, resulting in financial entities with better ICT protocols, practices and procedures. 

The new age of working from home has caused some major challenges, and placed huge pressure on CISO officers; attack fatigue, difficulty retaining control of widely distributed data access points, education of all employees and maintaining their diligence, and the recruitment and retention of security IT professionals, just to name a few. 

We’re sure that news of DORA has probably got your alarm bells ringing – it has the potential to be a massive drain on your already tight IT resources. But that’s where we can offer some help…