DORA: Challenges And Opportunities For The Financial Sector

This article aims to provide an overview of the new Digital Operational Resilience Act ("DORA") for the financial sector. The article also intends to identify and analyse a sample of the crucial points in DORA that give rise to both challenges and opportunities in the business and internal processes of financial entities. It is important for both financial entities and providers of information and communication technology services ("ICT services") to financial entities to grasp at an early stage the changes that DORA will entail for everything from internal governance and supplier agreements to reporting of incidents and testing of ICT systems.

DORA aims to harmonise and strengthen requirements relating to management of operational risks and, in particular, risks relating to ICT services in financial entities. Due to greater digitalisation in the sector and the consequent greater vulnerability to cyber attacks, for example, most European authorities and