Global Businesses Faced Practical Implications Due to EU's DORA Regulation
In a recent session, Matt Cooper, Director of Governance, Risk, and Compliance at Vanta, delved into the implications of the EU's Digital Operational Resilience Act (DORA) for board-level governance.
DORA, which was implemented six months ago, aims to strengthen digital resilience and reduce systemic risk within the financial sector. The Act affects a wide range of organisations, including financial institutions, banks, insurance companies, and IT service providers.
Cooper highlighted that DORA presents cross-border compliance challenges and necessitates a strategic approach to align processes within these affected organisations. The main requirements of DORA include risk management, incident reporting, resilience testing, and third-party risk oversight.
One of the key aspects of DORA is its influence on contract negotiations with cloud and SaaS providers. This means that global CISOs must act now to ensure compliance and avoid potential loss of business.
Moreover, Cooper emphasised the need for CISOs to prepare for DORA-related challenges, as the Act is the first EU-wide framework for managing ICT risk in the financial sector. He also noted that the requirements of DORA are reshaping the way financial institutions and technology providers operate, both in Europe and the U.S.
Furthermore, Cooper underscored the importance of preparing for similar regulations emerging worldwide. This session offered practical insights for security leaders, providing them with valuable guidance on how to align their processes in response to DORA.
Failure to align processes due to DORA could lead to significant consequences, making it crucial for organisations to take action promptly. Cooper's discussion provided a comprehensive overview of the implications of DORA and offered valuable advice for organisations navigating this new regulatory landscape.
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