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ARTICLE · 12 APRIL 2024

DORA: Six Key Action Points For Firms

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DORA entered into force on 16 January 2023, creating a European regulatory framework to strengthen the financial sector's resilience to information and communication technology ("ICT") disruptions and threats.

IrelandStrategy
Stephen Carty
Stephen Carty
Lorna Smith
Lorna Smith
Philip Keegan
Philip Keegan
Alison Gibney
Alison Gibney
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What you Need to Know

  • The Digital Operational Resilience Act ("DORA")1 will apply from 17 January 2025.
  • There are several measures regulated firms should action in 2024 prior to its introduction.

Background

DORA entered into force on 16 January 2023, creating a European regulatory framework to strengthen the financial sector's resilience to information and communication technology ("ICT") disruptions and threats2.

DORA will apply to a wide range of financial entities and covers most regulated firms ("Firms"), including investment firms, fund managers, payment institutions, credit institutions, trading venues, insurance undertakings and re-insurance undertakings. It will impose new requirements on Firms relating to the management of ICT risk; ICT incidents; digital operational resilience testing; and the management of third-party ICT risk.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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