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DORA Consultancy

Digital Operational Resilience Act (DORA)
Overview

The Digital Operational Resilience Act (DORA), which came into force in January 2023, marks a significant regulatory milestone designed to bolster the operational resilience and IT security of the EU financial sector and other type of companies which provide B2B financial services and ICT companies. As.operations become increasingly reliant on digital technologies, the sector’s vulnerability to IT disruptions and cyber threats grows, making the enactment of DORA both timely and critical.

Our services vary according to the needs and requirements of the client, which include but are not limited to:
Our Services
ICT Risk Management

• Risk Management & Governance Framework
• Business Continuity, Disaster Recovery & Resilience Planning
• IT Internal Audit
• Risk Assessment
• Establishing a Risk-Culture through Awareness Trainings
• Put in place appropriate policies and procedures for your organization

Incident Management, Classification and Reporting

• Incident Management & Reporting
• Incident Recovery & Remediation

Digital Operational Resilience Testing

• Vulnerability Scanning and health checks
• Penetration Testing & Vulnerability Scanning
• Red Team Assessments
• Digital Forensics and Incident Response (DFIR) Services
• Social Engineering simulations

Managing Third Party Risks

• Third Party Risk Management Framework
• Third Party Risk Management Maturity Assessment

Top concerns

Data breaches 53%
Ransomware 50%
Cloud technology platform failures 35%
Digital Operational Resilience Act (DORA)
Digital Operational Resilience Act (DORA)
Digital Operational Resilience Act (DORA)
The aim of DORA

DORA will create a regulatory framework whereby the financial firms will have to make sure they can withstand, respond to and recover from all types of ICT-related disruptions and threats, with the objective to prevent and mitigate cyber threats.

DORA Consultancy Services
How can innovate help with DORA compliance?
Gap Analysis

We will check your readiness for compliance with DORA

Policy Pack Review

Review of existing (or creation of new) effective policies & procedures

Security Awareness Training

Human error is a significant vulnerability – regular training reduces your risk

Third Party Security Tool Implementation

Objective recommendations for tools specifically suited to your organisation

Continuity Plans

Continuity plan & business impact analysis or creation

Penetration Testing

Identify vulnerabilities that could be exploited in your infrastructure, applications or network

Consultancy Services

Take advantage of our experienced team of cyber professionals

DORA Timeline
DORA Timeline
May 2022

Provisional Agreement on DORA

September 2022

Draft of DORA

November 2022

EU Parliament adopted the DORA package

December 2022

Published in the official journal of the EU

January 2023

DORA entered into force

2023 - 2024

Submission of RTS/ITS by the European Supervisory Authorities

17 January 2025

Compliance deadline

The Digital Operational Resilience Act (DORA) is a new European framework that focuses on embedding a more robust and resilient approach to delivering digital capabilities for financial entities.
DORA: Why it is relevant to you
The framework shifts the focus from guaranteeing firms’ financial soundness to also ensuring they can maintain resilient operations through severe operational disruption caused by cyber security and information and communication technology (ICT) issues. By introducing a single consistent supervisory approach across a wide range of financial market participants, including credit institutions, payment institutions, account information service providers, electronic money institutions, investment firms, insurance companies, crypto-asset service providers, exchanges and clearing houses, alternative fund managers, pension, credit rating agencies, etc., DORA ensures convergence and harmonisation of security and resilience practices across firms operating in the European Union (EU).
Why is DORA relevant?
DORA applies to more than 22,000 financial entities and ICT service providers operating within the EU, as well as the ICT infrastructure supporting them from outside the EU. The regulation introduces specific and prescriptive requirements for all financial market participants.

DORA builds on previous industry-specific guidelines to define requirements around consistent ICT risk management; comprehensive resilience testing capabilities (including threat-led penetration testing); and third party risk management, ensuring a consistent provision of services across the entire value chain.

The five key topics at the centre of DORA are: ICT Risk Management;ICT-related Incident Management, Classification & Reporting; Digital Operational Resilience Testing; ICT Third Party Risk Management; and Information Sharing Arrangements.

The regulation is unique in introducing a Union-wide Oversight Framework on critical ICT third-party providers, as designated by the European Supervisory Authorities (ESAs).
When will DORA be enforced?
DORA entered into force on 16th January 2023. With an implementation period of two years, financial entities will be expected to be compliant with the regulation by early 2025.

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