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ARTICLE · 21 NOVEMBER 2024

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Exploring The Digital Landscape: Understanding The EU Digital Operational Resilience Act (Dora)

KINANIS LLC
KINANIS LLC
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KINANIS LLC

KINANIS LLC

Kinanis LLC, a law and consulting firm, is one of the leading business law firms in Cyprus and...

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The financial services sector's heavy reliance on IT exposes entities to heightened risks of cyberattacks and operational disruptions stemming from intricate system, process, and human factors—risks...

CyprusFinance and Banking
Savvina Miltiadou
Savvina Miltiadou
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The Digital Operational Resilience Act

The financial services sector's heavy reliance on IT exposes entities to heightened risks of cyberattacks and operational disruptions stemming from intricate system, process, and human factors—risks that will only intensify as technology continues to expand across all facets of the industry. To address these emerging risks, the European Union adopted the Digital Operational Resilience Act (DORA) in January 2023, aiming at enhancing the digital operational resilience of information and communication technology (ICT) systems, designed to protect financial institutions from ICT risks.

DORA focuses on enhancing the resilience of information and communication technology systems in the financial sector, including everything from data storage to network security. The regulation will be applicable as from the 17th of January 2025 and all affected entities must meet DORA's requirements by that date.

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