The Digital Operational Resilience Act (DORA) - A Comprehensive Guide For The Financial Sector

Introduction

In this article, an overview on the Digital Operational Resilience Act (DORA), Regulation (EU) 2022/2554, aimed at fortifying cybersecurity within the financial sector, is provided. The article's goal is to provide an overview article for Chief Information Security Officers (CISOs), Data Protection Officers (DPOs), and legal departments, elucidating the intricacies of DORA compliance.

The Essence of DORA Regulation

DORA (EU Regulation No. 2022/2554), is designed to elevate cybersecurity standards in financial entities like banks and credit institutions. Its coexistence with the NIS2 Directive (Network and Information Systems Directive or Directive (EU) 2022/2555 on measures for a high common level of cybersecurity across the Union), another crucial EU cybersecurity mandate, gives rise to the question of legal precedence. Here, DORA emerges as 'lex specialis' to NIS2, implying that its specific regulations take precedence in the realm of digital