The Digital Operational Resilience Act (DORA) is a groundbreaking piece of legislation passed by the European Union. Its primary objective is to bolster the operational resilience of the digital systems used by the financial sector. In an era where digital technologies play a central role in the financial industry, the need for robust security and resilience has never been more critical. DORA aims to establish a standardized framework across EU member states, ensuring a high level of digital operational resilience that can withstand, respond to, and recover from a wide range of ICT (Information and Communication Technology) related disruptions and threats.
The primary purpose of DORA is to enhance the ability of the financial sector to remain operational during severe operational disruptions. Its goals include:
DORA is expected to come into effect as of January 2025. The timeline for compliance is crucial for affected entities to prepare and align their operations with the new regulations.
DORA encompasses several key provisions and requirements that financial entities must adhere to, including:
As organizations prepare to meet the rigorous demands of the Digital Operational Resilience Act (DORA), integrating a robust Governance, Risk Management, and Compliance (GRC) solution like Compyl becomes indispensable. Compyl stands out as the Next-Gen GRC platform that seamlessly integrates into existing technology stacks, simplifying the journey toward DORA compliance.
One of the key challenges in adhering to DORA is the complexity and breadth of its requirements, particularly in ICT risk management and resilience testing. This is where Compyl excels by automating essential workflows, significantly reducing the manual effort and potential for error. Its ability to integrate into the existing tech stack ensures a smooth transition, enabling organizations to:
Moreover, Compyl’s offering of a fractional Chief Information Security Officer (CISO) service is a game-changer for organizations seeking strategic guidance in navigating the complexities of DORA. This service provides:
Compyl’s comprehensive GRC Platform, combined with its fractional CISO service, positions organizations to efficiently meet the demands of the DORA regulation. By automating compliance workflows and providing expert guidance, Compyl not only aids in achieving compliance but also empowers organizations to enhance their overall cybersecurity posture. As a result, entities can focus on their core business activities with the confidence that their digital operational resilience is robust, compliant, and aligned with the highest standards set by the European Union.