DORA (Digital Operational Resilience Act) compliance
DORA is an EU regulation aimed at ensuring the financial sector can remain resilient in the face of major operational disruptions. It sets technical standards for all financial entities including banks, insurers, and asset managers regarding their digital infrastructure and risk management.
Under DORA, financial institutions must establish strong IT risk management systems, define incident response mechanisms, and implement application testing and third-party risk monitoring. Even software components sourced from external libraries remain the company’s responsibility.
DORA requirements vary based on the entity’s size, risk profile, and services. Critical IT third-party providers are subject to enhanced oversight by European Supervisory Authorities.
DORA requirements applying to mobile data
IT risk management
Financial institutions must set up and maintain resilient IT systems. They should continuously identify risks and establish preventive and protective measures, as well as mechanisms for the prompt detection of anomalies.
IT-related incident reporting
Organizations must monitor and log IT-related incidents, classify them, and report to both regulatory authorities and impacted users or clients.
Digital operational resilience testing
IT systems and controls must be periodically tested to detect weaknesses. Any identified deficiencies must be addressed without delay. Testing requirements should be proportional to the entity’s size, business type, and risk profile.
IT third-party risk
Companies must oversee the risks associated with external IT providers. This includes ensuring clear service descriptions, transparency on data processing locations, and contract clauses that cover all aspects of the collaboration.
Information sharing
The guidelines encourage information sharing to support the development of detection methods, mitigation strategies, and coordinated response and recovery efforts.
IT third-party risk
Companies must oversee the risks associated with external IT providers. This includes ensuring clear service descriptions, transparency on data processing locations, and contract clauses that cover all aspects of the collaboration.
Information sharing
The guidelines encourage information sharing to support the development of detection methods, mitigation strategies, and coordinated response and recovery efforts.
How to comply
To be compliant with DORA, financial service providers must control all aspects of their digital operational resilience from protection to detection, containment, recovery, and repair of IT-related incidents.
Pradeo’s application security suite offers the required tools.
Runtime Application Self-Protection (RASP) detects threats and blocks attacks in real time, while Mobile Application Security Testing (MAST) ensures that applications are secure and meet DORA compliance criteria.