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ARTICLE · 06 JANUARY 2023

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Digital Operational Resilience For The Financial Sector

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Given the ever-increasing risks of cyber-attacks, the European Union (the ‘EU') has been strengthening the information and communication technology (the ‘ICT')...

European UnionFinance and Banking
Luana Agius
Luana Agius
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Given the ever-increasing risks of cyber-attacks, the European Union (the 'EU') has been strengthening the information and communication technology (the 'ICT') security of financial entities, such as banks, insurance companies and investment firms. The Malta Financial Services Authority (the 'MFSA') has published an updated circular in relation to the Digital Operational Resilience Act (the 'DORA'), which was enacted to ensure that the financial sector in Europe is able to stay digitally resilient.

Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (Text with EEA relevance) was recently published on the Official Journal of the EU and shall come into effect on the 16th of January 2023, to become fully applicable by the 17th of January 2025 following a

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