New at Firebrand! PECB DORA Lead Manager

We’re launching a new accelerated course at Firebrand!

Introducing the Digital Operational Resilience Act (DORA) certification course. Understand DORA and help your business become compliant in just 3 days.

What is DORA?

The Digital Operational Resilience Act is a European Union regulation that entered into force in January 2023 to address the challenges in the fintech security sector.

DORA will become enforceable on 17 January 2025.

According to Eiopa and PECB, DORA is "a pioneering legislative framework designed to boost the digital operational resilience across the EU's financial sector, [ensuring] that financial institutions throughout the EU have robust digital defences capable of withstanding, managing, and recovering from any ICT (Information and Communication Technology) disruptions or threats." 

DORA aims to strengthen the IT security of financial entities such as banks, insurance companies, and investment firms to ensure its protection against cyber-attacks, data breaches, and other operational disruptions, providing a digital edge for financial services.

In summary, the main objectives of DORA regulations are:

• Strengthening the ICT Risk Management Framework across the financial sector
• Creating a harmonized and integrated Framework for Digital Operational Resilience Testing, Reporting, and Information Sharing
  
  

What does DORA cover?

• ICT Risk Management
• ICT Third-Party Risk Management
• Digital Operational Resilience Testing
• ICT-related Incidents
• Information Sharing
• Oversight of Critical Third-Party Providers
  
  

How will DORA impact UK businesses? How will it affect you?

As of 17 January 2025, financial entities must meet DORA requirements. Failure to comply can lead to hefty penalties, highlighting the EU's emphasis on digital operational resilience. Penalties vary but aim to deter future breaches effectively.

DORA applies to 20 different types of financial entities and ICT third-party service providers, including:

• Banks
• Insurance companies
• Investment firms
• Payment and electronic money institutions
• Crypto-asset service providers
• Critical infrastructures such as Central securities depositories, Trading venues, Central counterparties

For UK businesses, DORA may affect existing contracts with EU clients and partners; for example, in terms of Risk Management and reporting standards.

Is your business DORA-ready?

As of January 2025, if you work in the financial sector, your business will be required to ensure compliance with DORA.

Whether you've already conducted your compliance assessment or are just starting the process now, get up to speed with DORA in just 3 days with our accelerated course.