Digital Operational Resilience Act (DORA)
Active since: January 16th 2023
Target: Financial Institutions in the European Union
Goal: Strenghtening the IT security of financial entities such as banks, insurance companies and investment firms and making sure that the financial sector in Europe is able to stay resilient in the event of a severe operational disruption.
More and more systems of financial institutions and their IT-providers have connections to the outside world and are potentionally vulnerable for cyber threats.
DORA demands for these institutions to have policies and procedures to be in place as operational measures in order to counter this risk.
The final date for implementation is January 17th 2025.