The Digital Operational Resilience Act (DORA) requires financial institutions to meet specific criteria to ensure digital operational resilience. Here are the key steps for compliance:
- Risk assessment: Identify and assess operational and cybersecurity risks.
- Governance and risk management: Establish strong governance to oversee cyber risk management.
- Cyber resilience: Ensure IT systems are resilient against cyberattacks.
- Operational resilience testing: Conduct regular vulnerability assessments and attack scenario testing to measure control effectiveness.
- Incident management: Develop procedures for rapid response and recovery from cyber incidents.
- Continuous monitoring: Implement continuous monitoring to quickly detect and respond to threats.
- Outsourcing and third parties: Manage risks from external vendors with appropriate security agreements.
