What is DORA?
DORA is an act passed by the EU to protect financial institutions’ digital infrastructure against cyber-attacks or economic disasters. The purpose of DORA is to secure the European Union’s economy, public safety, and national security. Beginning in January 2023 until January 17, 2025, you have a full 24 months to meet DORA requirements.
Assess & Manage Risks
A complete c protocol. Potential security weaknesses and vulnerabilities are uncovered through Static Analysis (SAST), Dynamic Analysis (DAST), Penetration Testing (PTaaS).
Risk-Based Testing
Pinpoint and verify vulnerable software segments for potential failures through Risk-Based Testing. Thereby attend to areas in your software that are at risk of failure, which can cause business interruption.
Performance Testing & Monitoring
Threefold performance enhancement protocol. First, verify that resources can scale to meet demand. Second, ensure the system’s high availability. Third, identify potential points of failure under extreme conditions.
Capacity Planning & Management
Eliminate capacity shortages, right-size your environment, and reduce operational costs. Our services ensure Optimize capacity, align resources, and trim costs for your operations.
Resilience Testing
Guarantee top-tier reliability and resiliency through simulated experiments and rigorous testing of ICT services and infrastructure continuity plans, ensuring seamless operational performance.
Five pillars of DORA
ICT Risk Management
Set up resilient ICT tools and systems to shun down risks
ICT Related Incident Reporting
Establish and manage effective tracking and recording all incidents related to ICT
Digital Operational Resilience Testing
Testing of ICT risk management framework components to timely address gaps, inadequacies and shortcomings
ICT Third-Party Risk
Standardized monitoring program for third-party ICT provider to eliminated risk associated with their reliance
Information Sharing
Increase ICT risk awareness by enabling information sharing between groups of financial institutions
DORA Penalties and Non-Compliance Impact
European Supervisory Authority or ESAs are responsible for imposing and enforcing penalties on defaulters. ESAs are buttressed by DORA to support resilience in finance when it comes to digital operations. Breach of compliances regarding the durations, nature, gravity and level of co-operation are met with different degrees of fines.
- Up to 2% of your annual worldwide turnover will be imposed as a fine.
- ESAs can also impose a fine of 1% on your business’s daily worldwide turnover, depending on the type and severity of your breach.
- A sum of 1 million euros can be fined.
- Critical third-party ICT services can be fined up to 5 million euros.
- Individuals can be fined up to five hundred thousand euros for non-compliance.
DORA Implementation timelines
Who Needs to carry out TLPTs
DORA requirements should be adapted to the operations of financial institutions, including but not limited:
Credit institutions identified as G-SIIs or O-SIIs
Payment institutions
Electronic money institutions
Central securities depositories
Central counterparties
Crypto-Asset Service Providers
Issuers of Asset-Referenced Tokens
Trading venues with an electronic trading system
Insurance and reinsurance undertakings
Crowdfunding Service Providers
Stake holders in a TLPT
- The TLPT Cyber Team
- The Control Team
- The Blue Team
- The Threat Intelligence (TI) provider
- The Red Team
Simplify Your DORA Compliance Journey
DORA360: Simplifying Resilience Management
DORA360 offers a comprehensive platform for seamless compliance with the Digital Operational Resilience Act. It streamlines risk management, ICT third-party oversight, and operational resilience testing, ensuring institutions stay ahead of regulatory requirements.
GIEOM Operational Resilience Solutions
GIEOM provides innovative tools to enhance operational resilience, focusing on process optimization and regulatory alignment. Their solutions ensure financial institutions maintain compliance while optimizing business continuity strategies.
Simplify compliance and foster unified approach for managing ICT related risks.