What is the purpose of DORA?
DORA seeks to empower the financial sector to better identify, protect against, detect, respond to, and recover from ICT-related incidents that could threaten the provision of critical financial services.
DORA seeks to empower the financial sector to better identify, protect against, detect, respond to, and recover from ICT-related incidents that could threaten the provision of critical financial services. Its key objectives include:
Strengthening the cybersecurity and operational resilience of financial entities in the European Union, such as banks, insurance companies, and investment firms.
Establishing a comprehensive framework ensures the financial sector can withstand and recover from severe operational disruptions, including cyber-attacks.
Standardising the requirements related to operational resilience for the EU’s financial sector, including the various types of financial entities and ICT third-party service providers.
Ensuring financial institutions understand their entire IT infrastructure, including third-party suppliers, can identify potential vulnerabilities and risks and implement robust strategies to protect their systems, data, and customers from disruptions.
The core purpose of DORA is to elevate cybersecurity standards and digital operational resilience in the European financial sector. It aims to go beyond just defensive measures, advocating for a robust resilience framework that ensures the continuity and quality of financial services, even in the face of significant operational disruptions.