ESAs Release Final Drafts On DORA: Advancing ICT Risk Management For EU Financial Entities

On 17th January 2024, the European Supervisory Authorities (ESAs) (i.e. the EBA, EIOPA and ESMA) published their first set of final drafts of regulatory technical standards (RTS) under the Regulation (EU) 2022/2554 on Digital Operational Resilience for the Financial Sector of 14 December 2022 (also known as Digital Operational Resilience Act (DORA)). DORA introduces a standardized regulatory framework designed to improve the digital operational resilience of financial entities in the European Union's (EU) financial sector, specifically addressing disruptions and threats related to information and communication technology (ICT) (focusing mainly on ICT risk management, reporting, risk monitoring). DORA entered into force on 16 January 2023 and will apply to in-scope financial services entities as from 17 January 2025.