DORA (Digital Operational Resilience Act) is an EU regulation that strengthens the financial sector’s ability to handle digital disruptions, like cyber incidents and technology failures. Here’s a quick guide to the essentials.
DORA applies to a broad range of financial institutions and their service providers:
| Category | Examples |
|---|---|
| Traditional Financial Entities | Banks, insurance companies, investment firms. |
| Non-Traditional Entities | Crypto-asset providers, crowdfunding platforms. |
| Third-Party ICT Providers | Cloud services, data analytics firms. |
Boosts Cyber Resilience
Helps your organization withstand and recover from cyber incidents.
Unified Regulations
Simplifies compliance across the EU, making it easier for companies operating in multiple countries.
Avoids Penalties
Non-compliance can result in up to 2% of your annual turnover or €5 million for critical ICT (Information and Communications Technology) providers.
Here are the main things you need to implement to meet DORA standards:
ICT Risk Management
Set up frameworks for managing technology-related risks.
Incident Reporting
Establish a process to report significant disruptions.
Third-Party Risk Management
Ensure your service providers comply with DORA.
Regular Testing
Continuously test your resilience and recovery capabilities with penetration testing.
Here’s a simplified process to get compliant with DORA:
Identify if your organization falls under DORA’s categories.
Build a roadmap to address any compliance gaps.
Compare your current practices to DORA’s requirements.
Implement ICT risk management and regular testing.
Ensure all third-party providers meet DORA standards.
Navigating DORA compliance can be tricky, but Scytale has you covered with tailored solutions that make the process smoother and more efficient.
| Challenge | Scytale’s Solution |
|---|---|
| Complicated Compliance Mapping | Automated compliance mapping saves time and reduces manual effort. |
| Third-Party Risk Management | Our platform tracks and manages vendor security, ensuring they meet DORA standards. |
| Incident Response Planning | Scytale supports building and testing robust incident response frameworks. |
| Complex Requirements | Scytale simplifies DORA compliance with an all-in-one platform that centralizes all your controls and monitoring in one place, making it easy to manage and track your progress. |
| Time-Consuming Evidence Collection | With automated evidence collection, Scytale automatically gathers and stores the proof you need, saving you time and effort while ensuring you remain compliant. |
| Resource Allocation | Expert support from Scytale’s team guides you every step of the way, offering hands-on assistance to navigate the DORA process and maintain compliance. |
