DORA In Action

Introduction

The Digital Operational Resilience Act (Regulation (EU) 2022/2554), hereinafter referred to as "DORA", is an EU regulation that entered into force on the 16^th of January 2023 and became applicable as of the 17^th of January 2025. The regulation is directly enforceable in Cyprus, from the date that the regulation came into force. The introduction of DORA represents an ambitious step towards strengthening the financial sector by imposing a regulatory framework for assessing and ensuring digital operational resilience of financial entities such as banks, fintech companies, insurance companies and investments firms. Its scope is applicable to a vast range of financial entities as well as certain ICT service providers that assist financial entities. Its focus is on ensuring that all financial entities across the EU have the necessary safeguards to stay resilient in the event of a cyber-attack that could lead to a severe operational disruption and to