Credit: Ilja/Adobe Stock Future Proofing Your Contracts for DORA
The EU wants to bring a harmonious, standards-based approach to regulating how financial businesses monitor resilience and avoid ICT-related risks. Up until now, cloudy guidance on how this can be achieved creates further risk. Enter DORA with its intentions to provide clarity to financial entities. This includes expanded requirements that must be incorporated into contracts between financial entities and ICT third-party providers.
September 11, 2024 at 11:33 AM
7 minute read
Risk and Compliance
On January 17, 2025, the Digital Operational Resilience Act (DORA) takes effect. This legislation introduces a regulatory framework from the European Union (EU) aimed at ensuring the financial sector's resilience to downtime and threats such as cyber-attacks and IT outages. Its primary goal is to mitigate information and communication technology (ICT) risks so financial entities can reduce and recover from disruptions.
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