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ARTICLE · 23 AUGUST 2022

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Update On Key EU Operational Resilience And Cybersecurity Legislative Developments

Arthur Cox
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In recent months, EU institutions have reached agreement on two significant pieces of legislation relating to operational resilience and cybersecurity...

European UnionTechnology
Ian Duffy
Ian Duffy
Ciara Anderson
Ciara Anderson
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In recent months, EU institutions have reached agreement on two significant pieces of legislation relating to operational resilience and cybersecurity, namely: (i) the Regulation on digital operational resilience for the financial services sector, referred to as the "Digital Operational Resilience Act" ("DORA"); and (ii) the Directive on measures for a high common level of cybersecurity across the Union ("NIS 2").

DORA

DORA is part of the European Commission's Digital Finance Strategy and is designed to uplift existing information communications technology ("ICT") risk management requirements for financial entities and to consolidate these requirements into a single legislative instrument. It will apply to a wide range of financial entities, including credit institutions, electronic money institutions, investment firms, insurance undertakings and re-insurance undertakings. Importantly, DORA will also result in certain major ICT service providers formally coming

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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