DORA, the Digital Operational Resilience Act, is a regulation introduced by the European Union (EU) aimed at strengthening cyber resilience within the financial sector. It is part of the broader EU digital finance strategy, designed to ensure that financial institutions can withstand, respond to, and recover from ICT (Information and Communication Technology)-related disruptions or threats, such as cyber attacks or system failures.
Although the UK is no longer part of the EU, DORA will still have a significant impact on the UK's financial sector due to the global interconnectedness of financial markets and cross-border operations of UK-based firms.
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While DORA directly applies to EU entities, its implications will ripple into the UK due to the interconnected nature of financial services.
In order to understand the scope, and work out a roadmap for compliance, it is advisable to conduct a gap analysis. Here at 3B Data Security, we can help you with this and help navigate the complexity of working with an EU requirement within the UK.
Conduct a Gap Analysis and Implementation Plan
Gap Analysis:
Compare current practices against DORA’s requirements to identify areas needing improvement.
Roadmap:
Develop a clear timeline for addressing gaps, prioritising critical areas like third-party risk management and incident reporting.
Progress Reviews:
Regularly review your implementation plan to ensure milestones are met before the January 2025 deadline.
Get in touch today to find out more about our DORA Consultancy Service, and how the team at 3B Data Security can help your organisation achieve and maintain compliance.
At 3B Data Security, our team of expert consultants brings a wealth of experience in guiding organisations of all sizes, across various industries, towards achieving and maintaining compliance to industry standards.
We don’t just care about ticking boxes, we want each organisation we work with to be secure and compliant. It’s this approach that distinguishes 3B Data Security as a trusted, credible, and reliable partner.