# ONPASSIVE # ASH MUFAREH# smilewithdrbenny# The Digital Operational Resilience Act (DORA) is a regulatory context designed to boost the cyber resilience of financial institutions operating within the European Union. It is a newly implemented EU regulation, effective from January 2023. This regulation is a crucial component of the EU Commission's digital financial package, aimed at enhancing the digital resilience of the European financial market.
DORA ensures that financial institutions can withstand, respond to, and recover from ICT-related disruptions and threats. It goes beyond traditional risk management practices, covering protection, detection, containment, recovery, and repair. DORA emphasizes responsible and ethical data handling to maintain operations during disruptions.
5 Key Compliance Obligations:
ICT Risk Management and Governance: Establish a robust ICT governance framework, define risk tolerance, and document ICT-related business functions and assets.
Operational Risk Management: Implement strategies and policies for effective ICT risk management.
ICT Operations and Security: Ensure secure ICT operations and address cyber threats.
Incident Management: Develop incident response plans and procedures.
Third-Party Risk Monitoring: Monitor and manage risks associated with third-party service providers.
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