What is the DORA regulation?
The Digital Operational Resilience Act (DORA) is a European Union regulation designed to bolster the operational resilience of financial entities by ensuring they can withstand, respond to, and recover from ICT (Information and Communication Technology) disruptions. DORA introduces harmonized requirements for ICT risk management, testing, incident reporting, and oversight across the EU’s financial sector. The regulation is a key part of the EU's broader digital finance strategy and reflects the growing emphasis on cybersecurity and operational resilience in an interconnected financial ecosystem.
Who does DORA impact?
DORA applies to financial entities such as banks, payment institutions, investment firms, insurance companies, and crypto-asset providers operating within the EU. It also indirectly impacts a broad range of third-party providers of technology-related services, including cloud computing providers, data analytics firms, and software developers that serve the financial sector. A small group of third-party ICT service providers designated as ‘critical’ will be directly subject to DORA.
Does this affect UK companies?
If your UK-based financial institution provides services within the EU or relies on ICT services that impact EU clients, you may fall within the scope of DORA —even after Brexit. The regulation applies to financial entities operating in the EU and to non-EU firms providing services or ICT infrastructure to the EU financial sector.
Key areas for DORA compliance
- ICT Risk Management: Financial entities must implement robust measures to identify, assess, and manage ICT risks.
- Incident Reporting: Organizations must report significant ICT-related incidents to regulators within tight deadlines, ensuring transparency and timely response.
- Operational ResilienceTesting: Periodic testing of ICT systems to ensure resilience against disruptions is required.
- Third-Party Risk Management: Firms must ensure that critical ICT service providers meet stringent resilience standards and are subject to oversight.
- Information Sharing: Encourage secure and structured information-sharing practices about threats and incidents within the financial sector.
Email communication remains a primary target for cyberattacks, such as phishing or payloadless attacks. Organizations must:
- Implement advanced threat detection to stop attacks early.
- Ensure secure archiving to maintain data integrity and enable quick recovery in critical situations.
- Establish efficient processes for data deletion and recovery to meet regulatory requirements.
How Mimecast can help with DORA Compliance
ICT Risk Management
Mimecast strengthens ICT risk management by:
- Providing advanced email and collaboration security to protect against cyber threats.
- Offering continuous monitoring and threat detection to identify vulnerabilities.
- Delivering solutions for secure communication and data protection.
- Supporting procedures and methods for resilience, backup and restoration.
Incident Reporting
Mimecast streamlines incident management with:
- Aid in incident detection and reporting tools to meet DORA's reporting timelines.
- Dashboards and reporting features to provide actionable insights for compliance and mitigation.
Operational Resilience Testing
Mimecast supports resilience testing by:
- Simulating real-world phishing and cyberattack scenarios for user preparedness.
- Ensuring infrastructure can withstand disruptions through robust security and failover solutions.
Third-Party Risk Management
Mimecast enhances third-party security by:
- Securing communication channels with external ICT vendors.
- Protecting data exchanged on platforms like Microsoft Teams and Slack to minimize third-party risks.
Information Sharing
Mimecast facilitates compliance with information-sharing requirements by:
- Providing tools to securely share threat intelligence within the financial ecosystem.
- Enabling real-time updates on emerging cyber threats and vulnerabilities.
- With its comprehensive solutions, Mimecast helps organizations align with DORA’s stringent requirements, strengthening operational resilience and regulatory compliance.
Want to learn more about how Mimecast can help with DORA compliance?
Speak to one of our representatives today to discover how Mimecast can support your organization with DORA compliance and strengthen its ICT resilience.
Get in touch for a demo and personalized consultation today.
Disclaimer: The above checklist and recommendations are provided for informational purposes only and should not be construed as legal advice. Customers are strongly encouraged to seek advice from their legal advisors to ensure compliance with applicable laws and regulations.
