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The Digital Operational Resilience Act (DORA) came into effect on January 17, 2025.
Financial services institutions (FSIs) across the EU must now fully comply with its stringentcybersecurityand operational resilience requirements.
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But achieving compliance is not just about meeting regulatory expectations.
For those still catching up, the urgency to close security gaps has never been greater.
Chief Security Officer for EMEA at Okta.
However, recent cyber incidents have made it clear that threats do not always come from outside an organization.
Many damaging breaches have originated from within digital supply chains, through third-party vulnerabilities, or from internal weaknesses.
This evolving threat landscape has forced financial institutions to rethink their approach.
This change means cybersecurity is no longer just the responsibility ofIT management.
The increasing complexity of compliance is prompting many organizations to turn to automation to streamline regulatory processes.
Ensuring supply chain resilience requires a proactive and continuous approach.
Firms that have not been closely following the consultation process may struggle to adapt to these additional requirements.
Conducting a gap analysis is critical to identifying areas where improvements are needed.
The cost of non-compliance
The consequences of failing to comply with DORA are severe.
Beyond regulatory penalties, the reputational damage of non-compliance may be even more devastating.
An opportunity for long-term resilience
DORA has transformed the cybersecurity landscape for financial services firms.
Organizations that approach DORA as an opportunity to strengthen their overall cybersecurity posture will be best positioned for success.
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The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
