Digital Operational Resilience Act DORA​

In response to the continual surge in cyberattacks and the growing reliance on technology, financial institutions find themselves obliged to embark on transformation projects and remediation initiatives to align with the latest regulatory frameworks. The DORA regulation will apply from 17 January, 2025.

The Digital Operational Resilience Act (DORA) is a new regulation adopted by the European Parliament that applies to the financial sector. It was adopted by the European Council in November 2022 and published in December 2022. DORA’s objective is to strengthen and harmonise the "digital operational resilience" of the financial sector within the European Union.

DORA establishes a set of requirements aimed at enhancing the level of digital operational resilience of financial institutions within the European Union, and their ICT service providers irrespective of their location, by proposing a harmonised approach to existing rules, where they exist.

Effective on January 16, 2023, financial institutions have approximately 24 months to comply with the DORA regulation. During this period, it will be supplemented by several Regulatory Technical Standards (RTS) / Implementing Technical Standards (ITS) developed by the European supervisory authorities. These will provide detailed specifications for the technical implementation of certain requirements of the regulation.