DORA: How GO Supports The Financial Sector’s Resilience

The Digital Operational Resilience Act (DORA) represents a significant regulatory milestone aimed at enhancing the digital operational resilience of financial institutions within the European Union. The financial services industry, a prime target for cyber threats, now faces an added layer of compliance requirements under DORA. This regulation introduces comprehensive ICT risk management frameworks designed to protect and secure financial entities against various digital disruptions.

The adoption of DORA necessitates that financial institutions implement robust security measures and frameworks to manage ICT risks effectively. Key provisions of DORA outline extensive requirements covering ICT risk management, incident reporting, third-party risk management, resilience testing, and information sharing. For smaller and non-interconnected entities such as investment firms, payment institutions, and electronic money institutions, DORA provides a simplified ICT risk management framework.

DORA impacts a broad spectrum of financial entities, including banks, payment institutions, investment firms, and providers of crypto asset services. Additionally, critical third-party ICT providers are also subject to these regulatory requirements, necessitating comprehensive compliance efforts across the financial sector.

GO Business, in partnership with CyberSift, offers advanced cybersecurity solutions to help financial institutions achieve DORA compliance. By leveraging CyberSift’s expertise and innovative technologies, GO Business provides financial entities with the tools and strategies necessary to meet DORA’s stringent requirements.

Conducting a thorough maturity assessment is the first step in evaluating alignment with DORA requirements. This assessment identifies strengths and weaknesses in cybersecurity, operational resilience, and regulatory compliance. A subsequent gap analysis reveals disparities between the current state and DORA mandates. To bridge these gaps, a targeted mitigation plan is developed, encompassing enhanced cybersecurity measures, strengthened operational resilience frameworks, updated regulatory compliance practices, and continuous monitoring mechanisms.

Brian Zarb Adami, CEO of CyberSift, emphasizes the importance of a comprehensive approach: “Our maturity assessments and gap analysis provide financial institutions with a clear roadmap to achieve DORA compliance. By identifying and addressing vulnerabilities, we help our clients enhance their cybersecurity posture and operational resilience.”

Executing a comprehensive plan to adhere to all DORA requirements involves several key elements, including large-scale penetration testing, continuous monitoring, and alignment with regulatory mandates. The CyberSift DORA Tracker is an essential tool in this process, enabling seamless tracking of progress, task completion, and regulatory alignment.

Brian Zarb Adami notes, “The DORA Tracker is designed to streamline the compliance process. By providing real-time insights and tracking capabilities, we ensure that our clients stay on track with their compliance objectives.”

Centralized log management, fortified by robust security analytics, is indispensable for meeting DORA’s rigorous compliance demands. This integrated system facilitates uninterrupted monitoring and empowers organizations to generate high-fidelity alerts, expediting response, investigation, and recovery processes during security incidents.

CyberSift SIEM offers centralized log management that supports various DORA compliance aspects, including monitoring dashboards tailored for financial institutions. This system complements firewalls, intrusion detection systems (IDS), and intrusion prevention systems (IPS), enhancing network visibility and threat detection capabilities.

Brian Zarb Adami highlights the benefits: “With CyberSift SIEM, financial institutions gain real-time threat intelligence and improved network visibility. Our integrated approach helps detect and respond to threats effectively, ensuring operational resilience and regulatory compliance.”

Through collaboration with CyberSift, GO Business enhances the operational resilience of financial institutions by providing advanced cybersecurity solutions, continuous monitoring, and seamless integration. By implementing centralized log management and leveraging AI-driven tools, financial entities can strengthen their security posture and ensure compliance with DORA regulations.

Brian Zarb Adami summarizes this commitment: “Our partnership with GO Business enables us to offer comprehensive solutions that address the specific requirements of the financial sector. Together, we help financial institutions achieve DORA compliance and enhance their overall security and resilience.”

In conclusion, GO Business and CyberSift are dedicated to helping financial institutions navigate the challenges of DORA compliance. By providing robust cybersecurity measures, continuous monitoring, and seamless integration, they ensure that financial entities can meet regulatory demands and secure their digital infrastructures against future threats.

In the press: The Corporate Times 21 July 2024.