The Digital Operational Resilience Act (DORA) represents a groundbreaking regulatory framework designed to fortify the European financial sector's digital infrastructure. Officially established as Regulation (EU) 2022/2554, DORA having taken effect on January 17, 2025, marking a critical milestone in cybersecurity and operational resilience for financial entities across the European Union.
Why was DORA introduced?
Why was DORA introduced?
Why was DORA introduced?
Why was DORA introduced?
The financial sector has become a prime target for cyberattacks, with threats ranging from ransomware and phishing to sophisticated data breaches. In 2023 alone, 3,348 cyber incidents were reported globally in the financial industry, a significant increase from 1,829 in 2022 (Source: Statista).
DORA addresses critical vulnerabilities identified in the financial sector:
The financial sector has become a prime target for cyberattacks, with threats ranging from ransomware and phishing to sophisticated data breaches. In 2023 alone, 3,348 cyber incidents were reported globally in the financial industry, a significant increase from 1,829 in 2022 (Source: Statista).
DORA addresses critical vulnerabilities identified in the financial sector:
The financial sector has become a prime target for cyberattacks, with threats ranging from ransomware and phishing to sophisticated data breaches. In 2023 alone, 3,348 cyber incidents were reported globally in the financial industry, a significant increase from 1,829 in 2022 (Source: Statista).
DORA addresses critical vulnerabilities identified in the financial sector:
The financial sector has become a prime target for cyberattacks, with threats ranging from ransomware and phishing to sophisticated data breaches. In 2023 alone, 3,348 cyber incidents were reported globally in the financial industry, a significant increase from 1,829 in 2022 (Source: Statista).
DORA addresses critical vulnerabilities identified in the financial sector:
Lessons from Financial Crises: The 2018 crises exposed weaknesses in disaster recovery and business continuity planning.
Lessons from Financial Crises: The 2018 crises exposed weaknesses in disaster recovery and business continuity planning.
Lessons from Financial Crises: The 2018 crises exposed weaknesses in disaster recovery and business continuity planning.
Lessons from Financial Crises: The 2018 crises exposed weaknesses in disaster recovery and business continuity planning.
Technological Risks: Increasing reliance on outsourced services, cryptocurrencies, and cloud platforms has introduced new cybersecurity challenges.
Technological Risks: Increasing reliance on outsourced services, cryptocurrencies, and cloud platforms has introduced new cybersecurity challenges.
Technological Risks: Increasing reliance on outsourced services, cryptocurrencies, and cloud platforms has introduced new cybersecurity challenges.
Technological Risks: Increasing reliance on outsourced services, cryptocurrencies, and cloud platforms has introduced new cybersecurity challenges.
Inconsistent Risk Management: Prior ICT risk management approaches were fragmented and inconsistent across member states.
Inconsistent Risk Management: Prior ICT risk management approaches were fragmented and inconsistent across member states.
Inconsistent Risk Management: Prior ICT risk management approaches were fragmented and inconsistent across member states.
Inconsistent Risk Management: Prior ICT risk management approaches were fragmented and inconsistent across member states.
What is DORA?
What is DORA?
What is DORA?
What is DORA?
DORA is a comprehensive regulatory framework designed to establish a unified approach to digital operational resilience in the financial sector. It addresses a critical gap in EU financial regulation by moving beyond traditional risk management approaches that primarily focused on capital allocation.
DORA was established under the Treaty on the Functioning of the European Union (TFEU), specifically Article 114, which allows for the creation of measures to harmonize internal market regulations.
DORA is a comprehensive regulatory framework designed to establish a unified approach to digital operational resilience in the financial sector. It addresses a critical gap in EU financial regulation by moving beyond traditional risk management approaches that primarily focused on capital allocation.
DORA was established under the Treaty on the Functioning of the European Union (TFEU), specifically Article 114, which allows for the creation of measures to harmonize internal market regulations.
DORA is a comprehensive regulatory framework designed to establish a unified approach to digital operational resilience in the financial sector. It addresses a critical gap in EU financial regulation by moving beyond traditional risk management approaches that primarily focused on capital allocation.
DORA was established under the Treaty on the Functioning of the European Union (TFEU), specifically Article 114, which allows for the creation of measures to harmonize internal market regulations.
DORA is a comprehensive regulatory framework designed to establish a unified approach to digital operational resilience in the financial sector. It addresses a critical gap in EU financial regulation by moving beyond traditional risk management approaches that primarily focused on capital allocation.
DORA was established under the Treaty on the Functioning of the European Union (TFEU), specifically Article 114, which allows for the creation of measures to harmonize internal market regulations.
Entities Covered by DORA
Entities Covered by DORA
Entities Covered by DORA
Entities Covered by DORA
DORA applies to approximately 22,000 financial entities, including (Source) :
Banks
Insurance companies
Payment institutions
Investment firms
Cryptocurrency service providers
Crowdfunding platforms
Credit rating agencies
Alternative investment fund managers
DORA applies to approximately 22,000 financial entities, including (Source) :
Banks
Insurance companies
Payment institutions
Investment firms
Cryptocurrency service providers
Crowdfunding platforms
Credit rating agencies
Alternative investment fund managers
DORA applies to approximately 22,000 financial entities, including (Source) :
Banks
Insurance companies
Payment institutions
Investment firms
Cryptocurrency service providers
Crowdfunding platforms
Credit rating agencies
Alternative investment fund managers
DORA applies to approximately 22,000 financial entities, including (Source) :
Banks
Insurance companies
Payment institutions
Investment firms
Cryptocurrency service providers
Crowdfunding platforms
Credit rating agencies
Alternative investment fund managers
Components of DORA: The Five Pillars
Components of DORA: The Five Pillars
Components of DORA: The Five Pillars
Components of DORA: The Five Pillars
ICT-related Incident Reporting
Financial institutions must report significant ICT-related incidents to regulators within tight timeframes. This ensures swift action and transparency, reducing the ripple effects of disruptions.
ICT-related Incident Reporting
Financial institutions must report significant ICT-related incidents to regulators within tight timeframes. This ensures swift action and transparency, reducing the ripple effects of disruptions.
ICT-related Incident Reporting
Financial institutions must report significant ICT-related incidents to regulators within tight timeframes. This ensures swift action and transparency, reducing the ripple effects of disruptions.
ICT-related Incident Reporting
Financial institutions must report significant ICT-related incidents to regulators within tight timeframes. This ensures swift action and transparency, reducing the ripple effects of disruptions.
ICT Risk Management
Entities must establish and maintain robust ICT risk management frameworks. This includes identifying risks, setting up controls, and regularly reviewing risk exposure to minimize vulnerabilities.
ICT Risk Management
Entities must establish and maintain robust ICT risk management frameworks. This includes identifying risks, setting up controls, and regularly reviewing risk exposure to minimize vulnerabilities.
ICT Risk Management
Entities must establish and maintain robust ICT risk management frameworks. This includes identifying risks, setting up controls, and regularly reviewing risk exposure to minimize vulnerabilities.
ICT Risk Management
Entities must establish and maintain robust ICT risk management frameworks. This includes identifying risks, setting up controls, and regularly reviewing risk exposure to minimize vulnerabilities.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
ICT Third-Party Risk Management
DORA places stringent requirements on the oversight of ICT service providers. Contracts must include provisions for data access, risk mitigation, and compliance with resilience standards.
ICT Third-Party Risk Management
DORA places stringent requirements on the oversight of ICT service providers. Contracts must include provisions for data access, risk mitigation, and compliance with resilience standards.
ICT Third-Party Risk Management
DORA places stringent requirements on the oversight of ICT service providers. Contracts must include provisions for data access, risk mitigation, and compliance with resilience standards.
ICT Third-Party Risk Management
DORA places stringent requirements on the oversight of ICT service providers. Contracts must include provisions for data access, risk mitigation, and compliance with resilience standards.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Information Sharing
To enhance collective security, DORA encourages financial institutions to share threat intelligence and best practices.
Together, these pillars provide a comprehensive framework for resilience and security.
Implications for the Financial Sector
Implications for the Financial Sector
Implications for the Financial Sector
Implications for the Financial Sector
Financial institutions will need to invest heavily in:
Enhanced Cybersecurity: Strengthening IT systems and processes to prevent breaches.
Regulatory Compliance: Aligning with new reporting and risk management standards.
Third-Party Oversight: Ensuring ICT providers meet DORA requirements.
Financial institutions will need to invest heavily in:
Enhanced Cybersecurity: Strengthening IT systems and processes to prevent breaches.
Regulatory Compliance: Aligning with new reporting and risk management standards.
Third-Party Oversight: Ensuring ICT providers meet DORA requirements.
Financial institutions will need to invest heavily in:
Enhanced Cybersecurity: Strengthening IT systems and processes to prevent breaches.
Regulatory Compliance: Aligning with new reporting and risk management standards.
Third-Party Oversight: Ensuring ICT providers meet DORA requirements.
Financial institutions will need to invest heavily in:
Enhanced Cybersecurity: Strengthening IT systems and processes to prevent breaches.
Regulatory Compliance: Aligning with new reporting and risk management standards.
Third-Party Oversight: Ensuring ICT providers meet DORA requirements.
Understand DORA and it's impact on your business
Understand DORA and it's impact on your business
Understand DORA
and it's impact on your business
B4Finance's Commitment to DORA Compliance
At B4Finance, we have proactively aligned our services with DORA's stringent requirements to ensure operational continuity and data protection for our clients.
Our Key Measures:
Robust IT Risk Management Framework: Regularly audited and updated to address emerging threats.
Periodic Resilience Testing: Includes continuity assessments and scenario-based evaluations.
Incident Reporting Processes: Ensures transparency and swift response to disruptions.
Collaboration: Close partnerships with clients to address compliance needs and regulatory updates.
From inception, B4Finance has adopted a security-first approach for our SaaS solutions. Our platform is designed to not only meet but exceed regulatory requirements, providing clients with secure, resilient, and future-ready solutions.
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