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Your Partner in Achieving Digital Operational Resilience

In the financial sector, the urgency to comply with the Digital Operational Resilience Act (DORA) is mounting as the deadline rapidly approaches. Introduced by the European Commission in September 2020 and comes into force on the 17th of January, DORA aims to transform digital finance by strengthening cybersecurity and boosting operational resilience. It requires financial entities to implement targeted measures to safeguard against cyber threats and promotes collaboration across Europe’s financial sector.

If your organisation is subject to DORA, taking immediate steps towards compliance is crucial. We are here to guide you through each phase of the compliance journey, elevating your cyber resilience and maturity to satisfy both operational and regulatory needs. Are you ready to assess your DORA readiness?

Our Approach

Leveraging our top-tier team of partners

Tailored Compliance Roadmap
Every organisation has unique resilience challenges. We begin by assessing your current state, then map a custom path to DORA compliance.

Expert Guidance on Cybersecurity & ICT Risk
From penetration testing to advanced incident response frameworks, our specialists equip you with the cutting-edge tools and strategies to address the cyber risk areas DORA prioritises.

Efficient Third-Party Risk Management
Charles Square are focused on serving the comprehensive needs of their clients and partners, managing their entire IT stack. CSq offers the best of both worlds: an in-house understanding of your business and how best to align IT strategy to this as well as an outsourced model of lower overheads and the added-value of a more extensive experience and skill-set.

Rapid Incident Reporting Compliance
DORA requires prompt, standardised reporting of incidents. We establish clear, reliable reporting protocols, ensuring your organisation meets every regulatory deadline.

A Comprehensive 3 Tiered Approach

Conduct a Gap Analysis

  • Identify current compliance status and areas needing improvement.
  • Assess existing processes against DORA requirements.

Develop a Comprehensive Roadmap

  • Outline strategies for updating policies.
  • Establish a framework for maintaining compliance through regular audits.
  • Focus on evidence collection to ensure transparency and accountability.
  • Set goals for driving continuous improvement aligned with DORA standards.

Implement Corrective Actions

  • Address identified gaps and deficiencies promptly.
  • Ensure corrective measures are effective and sustainable.

Consistent Policy Updates

  • Keep policies up-to-date to reflect changes in regulations and standards.
  • Foster an adaptive compliance culture within your company.

Third-party Risk Management Function

  • Ensuring that contracts with ICT Third Party Service Providers (ICT TPP) meet the requirements of DORA.
  • Maintaining a “register of information” related to ICT TPPs.
  • Implementing a process for ICT TPP risk management.

Security Assessments
CSq security assessments involve evaluating an organisation’s cybersecurity posture to identify vulnerabilities and risks. These assessments help in understanding the current security landscape and provide insights into areas that need strengthening to protect against potential threats.

Penetration Testing
Penetration testing will involve simulating cyberattacks on a network or system to identify vulnerabilities before they can be exploited by attackers. This proactive approach helps understand security weaknesses and fortify defences against potential breaches.

Vulnerability Management
This ongoing process will involve regular scanning, patching and reporting to reduce the attack surface and enhance your company’s security posture.

FAQs

Simplifying DORA

What is DORA?
The Digital Operational Resilience Act (DORA) is a regulation by the European Union that aims to enhance the operational resilience of the financial industry concerning information and communication technology (ICT) risks. In essence, DORA sets out to ensure financial entities can withstand, respond to and recover from disruptions to their internal or external ICT-dependent activities and ensure digital operational resilience.

With DORA, the EU is taking a proactive stance toward preventing IT outages and minimising their impact, following high-profile incidents that have disrupted financial services across the globe. The legislation acts as a blueprint, providing a comprehensive framework for managing ICT risks and ensuring digital operational resilience, which takes a holistic view of an organisation's ICT environment and its dependencies.

What are the 5 Pillars of DORA?

  1. ICT Risk Management
    Financial institutions are required to implement robust Information and Communication Technology (ICT) systems, controls, and processes to manage risks effectively and ensure business continuity.
  2. ICT Incident Reporting
    Financial entities must promptly report major ICT incidents to regulators, creating a standardized approach to incident reporting and ensuring transparency.
  3. Digital Operational Resilience Testing
    Regular testing of ICT systems is mandated to identify potential vulnerabilities and ensure preparedness against disruptions.
  4. Management of ICT Third-Party Risk
    Financial institutions must closely monitor and manage risks from third-party technology providers, particularly critical providers. This includes contract requirements and a comprehensive risk management framework.
  5. Information Sharing
    Entities are encouraged to share information on cyber threats and incidents to improve sector-wide resilience and response.

Who does DORA apply to?
DORA applies to “financial entities”, as defined under Article 2(1) of the DORA Regulation. They comprise the following entities:

  • credit institutions;
  • payment institutions;
  • electronic money institutions;
  • investment firms;
  • crypto-asset service providers;
  • central securities depositories;
  • central counterparties;
  • trading venues;
  • trade repositories;
  • managers of alternative investment funds;
  • data reporting service providers;
  • insurance and reinsurance undertakings;
  • credit rating agencies;
  • and more.

It should be noted that DORA will apply in a proportionate manner, taking into account a financial entity’s size and overall risk profile.