DORA Is Coming – Are You Ready?

Financial services institutions and ICT providers should start taking steps to comply with the upcoming regulations

Background

The use of information and communication technology systems within the financial services sector is now ubiquitous, with critical core business operations such as payments, securities clearing and settlement activities, electronic trading, credit rating, claim management and funding increasingly being digitised. Digitalisation has also deepened interconnections and dependencies within the sector, and with third party infrastructure and service providers.

Whilst undoubtedly beneficial to the functioning of the sector's operations, however, this high level of interconnectedness also creates a systemic vulnerability. Previously localised cyber incidents now have the potential to impact a far greater number and range of organisations than was previously the case, spreading through connected networks which are not constrained by