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ARTICLE · 01 JUNE 2023

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EU – "DORA"

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The European Union proposes a new regulation named Digital Operational Resilience Act, "DORA". The new Regulation aims to enhance the financial sector's operational resilience in the challenging digital age.

European UnionFinance and Banking
RSM Cyprus
RSM Cyprus
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The European Union proposes a new regulation named Digital Operational Resilience Act, "DORA". The new Regulation aims to enhance the financial sector's operational resilience in the challenging digital age.

The proposed regulation is expected to apply to a wide range of financial institutions (banks, electronic money institutions, payment service providers etc). Enhancing the digital strength of financial institutions with the DORA regulation is of utmost importance since they rely heavily on digital technologies but also consider the growing cyber threats they are currently facing.

Cyber attacks or technology failures can cause significant consequences to financial stability, client protection and the overall economy. DORA regulation, with the establishment of a comprehensive and harmonised framework for operational resilience, aims to address digital risks and safeguard financial institutions' operations.

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