Scytale adds the DORA framework to its list of leading security and privacy compliance frameworks, enabling businesses to ensure effective and all-inclusive management of digital risks in financial markets within the EU.
New York, NY, 02 December, 2024
With January just around the corner, Scytale takes the leap and adds the Digital Operational Resilience Act (DORA) – yet another key European regulatory framework – to its compliance automation platform, building on its fast-growing list of security and privacy frameworks. In addition to offering highly sought-after security frameworks like SOC 2, ISO 27001 and GDPR, we continue to ensure businesses – of all sizes and across a number of industries – can meet their varying compliance and regulatory requirements with peace of mind and minimal effort.
As a new and highly relevant European framework, your business needs to care about DORA for two key reasons:
- It is a regulatory framework, meaning compliance is required by law in the EU (not optional).
- The implementation date for DORA is 17 January 2025, giving financial institutions and their third-party providers a clear deadline to meet DORA requirements and achieve full compliance by this date.
Let’s take a closer look at what the DORA framework entails.
So, What is DORA?
DORA is a comprehensive ICT risk management framework designed specifically to strengthen the digital operational resilience of financial entities within the European Union.
At its core, DORA cyber security requirements are all about addressing ICT-related risks. From third-party providers to internal systems, DORA regulation ensures that financial entities are prepared to handle, respond to, and recover from security threats, technical failures, and any other disruptions to operational stability. By doing so, businesses can ensure their critical financial services remain unscathed even during severe challenges. Naturally, this is especially crucial in a digital-first world where the financial sector relies heavily on secure ICT systems.
Complying with the DORA framework not only strengthens a business’s security posture and fulfills regulatory obligations but also establishes it as a reliable, trustworthy, and resilient partner in the eyes of customers, business partners, and investors. It’s an undeniable benefit for both maintaining business continuity and building a strong brand reputation.
What DORA Means for Your Business
DORA applies to a wide range of entities, including traditional financial institutions like banks and insurance companies, non-traditional entities such as crypto-asset providers and crowdfunding platforms, and third-party ICT providers like cloud services and data analytics firms.
Compliance with this framework provides solid principles that companies across various industries can learn from. For financial institutions, however, aligning with DORA is not just a strategic advantage – it’s a legal requirement. Non-compliance could lead to operational disruptions, penalties, or even worse, reputational harm. Beyond meeting legal obligations, DORA compliance helps businesses develop a secure ICT risk management strategy, reducing vulnerabilities and enhancing overall cyber security. In a frequently turbulent financial ecosystem, where customers and stakeholders expect organizations to prove their ability to maintain resilience even during unforeseen disruptions, compliance has become essential for building trust.
By implementing DORA requirements, businesses gain the structure needed to meet these expectations while staying ahead of regulatory demands.
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How Scytale Makes DORA Compliance Easier than Ever
The January 2025 compliance deadline is rapidly approaching. Now’s the perfect time to start preparing for DORA compliance, and Scytale is here to make the process effortless. Our innovative automation software, combined with a dedicated team of compliance experts, handles everything needed to help you meet the tough requirements of this pivotal regulatory framework.
By integrating the DORA framework into our platform, we’re committed to helping your business boost its position as a trusted leader in the financial industry while adopting a proactive approach to cybersecurity and operational resilience. From evidence collection to walking away DORA-compliant, we’re with you every step of the way, dedicated to making the process as simple, fast, and stress-free as possible.
