Digital Operational Resilience Act
The Digital Operational Resilience Act (DORA) of the EU is a initiative aimed at strengthening the resilience of financial service institutions and their information and communication technology (ICT) service providers against cyber risks. By introducing stricter rules for risk management, incident reporting, and the monitoring of third-party risks DORA sets new regulatory standards in the insurance and financial sector. Affected companies are now obligated to implement effective ICT risk management strategies, supplement outsourcing contracts and continuously review operational stability. These measures aim to create a robust digital infrastructure and better prepare the financial sector against digital threats. But it is important to act quickly: The implementation deadline is only January 16, 2025.