How DORA is fortifying Europe’s financial future with a new take on operational resilience

Europe's financial industry, comprising over 22,000 entities, is gearing up for the implementation of the Digital Operational Resilience Act (DORA) by January 2025. This new regulation by the European Commission is designed to strengthen the digital resilience of financial services against ICT disruptions and cyber threats. Financial firms must be able to endure, manage, and recover from such incidents through an established ICT risk management framework, mandatory incident reporting, and stringent compliance with third-party service providers. DORA's comprehensive and prescriptive nature means that firms, especially smaller ones, face significant preparation challenges to ensure continuity and prevent service outages, which are no longer acceptable. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: FinTech Futures