DORA Operational Resilience Regulation
European Union
2022
Cybersecurity
Overview
The Digital Operational Resilience Act (DORA) is a European Union regulation (Regulation (EU) 2022/2554) that was adopted in December 2022. It creates a unified framework for digital risk management in the financial sector. DORA applies directly to both financial entities and critical third-party ICT service providers.The regulation aims to ensure that all entities in the banking, insurance, investment, payments, crypto, and fintech sectors can withstand, respond to, and recover from ICT-related disruptions and cyber threats. It bridges gaps in existing cybersecurity rules across EU member states by enforcing consistent obligations.
Key Obligations
- Implement risk management and cybersecurity policies across networks and IT systems
- Report significant cyber incidents to the national CSIRT within 24 hours
- Conduct regular vulnerability assessments and use multi-factor authentication
- Appoint a cybersecurity officer and ensure board-level accountability
- Maintain business continuity and crisis management plans
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Related Regulations
FAQ
Who is subject to DORA?
DORA applies to financial institutions including banks, insurers, payment firms, investment funds, crypto providers, and their critical third-party ICT vendors.
What is the compliance deadline for DORA?
All covered entities must comply by January 17, 2025, when DORA becomes fully enforceable.
What is the role of third-party ICT providers under DORA?
Critical ICT providers, including cloud and software vendors, will be supervised by EU financial authorities and must meet resilience requirements.
What types of ICT incidents must be reported?
Significant disruptions or security breaches that affect data confidentiality, integrity, or service continuity must be reported within tight timelines.