The Digital Operational Resilience Act
The Digital Operational Resilience Act (DORA) is a game-changer for the financial services industry, requiring firms to bolster their digital resilience. With a compliance deadline fast approaching, organizations must act now to meet DORA’s requirements and safeguard their operations against cyber threats.
At Rootshell Security, we’ve put together this quick guide and checklist to help your organization navigate DORA compliance. Whether you’re just starting or looking to fine-tune your approach, this guide provides a clear roadmap to ensure you meet all the key requirements.
What is DORA?
DORA is a European Union regulation that aims to ensure financial entities can withstand, respond to, and recover from ICT (Information and Communications Technology) incidents, such as cyberattacks or system failures. It applies to banks, insurance companies, investment firms, and even crypto-asset providers, as well as third-party IT providers.
DORA Compliance Checklist
Here’s a step-by-step checklist to help your business get ready for DORA.
1. Establish an ICT Risk Management Framework
The foundation of DORA compliance is a comprehensive ICT risk management framework.
- Identify critical ICT assets and risks.
- Develop and implement risk management policies that cover all potential ICT risks.
- Assign clear responsibilities for ICT risk management within your organization.
How Rootshell Security Can Help:
We offer penetration testing as a service (PTaaS) that helps you identify vulnerabilities in your ICT infrastructure and create an ongoing risk management strategy.
2. Set Up Continuous Resilience Testing
DORA requires financial institutions to continuously test their resilience against cyberattacks and operational disruptions.
- Perform regular vulnerability scans and penetration testing.
- Simulate cyberattacks to assess your response and recovery capabilities.
- Test backup systems and recovery processes.
How Rootshell Security Can Help:
Our Red Team services simulate real-world attack scenarios, helping you gauge your organization’s ability to detect, mitigate, and recover from disruptions.
3. Develop an Incident Response Plan
Under DORA, you must have a structured incident response plan in place to detect and report incidents swiftly.
- Define your incident response team and their roles.
- Establish incident reporting protocols in line with DORA’s 24-hour requirement.
- Regularly update and test your response plan.
How Rootshell Security Can Help:
Our incident response services ensure your team is prepared for cyber related incidents. We help streamline reporting processes so that you meet DORA’s deadlines.
4. Monitor and Manage Third-Party Risk
Third-party service providers, such as cloud vendors, must also meet DORA’s standards.
- Audit your third-party vendors to ensure they meet resilience requirements.
- Include resilience clauses in all contracts with third-party providers.
- Implement ongoing monitoring of their operational resilience.
How Rootshell Security Can Help:
We provide vendor risk assessments that evaluate the security practices of your third-party providers, ensuring they comply with DORA’s operational resilience standards.
5. Implement Cybersecurity Continuity and Recovery Plans
DORA requires that your organization has detailed plans in place for business continuity and IT recovery.
- Create detailed business continuity and disaster recovery plans.
- Test your recovery processes to ensure data can be restored quickly.
- Ensure secure backups are regularly updated and stored in resilient environments.
How Rootshell Security Can Help:
We help you test and improve your disaster recovery plans with ongoing simulations and attack tests, ensuring your business can resume operations swiftly after an incident.
6. Enhance Security Awareness
Human error is often the weakest link in cybersecurity, which is why DORA emphasizes staff awareness and training.
- Conduct regular cybersecurity training for all employees.
- Run phishing simulations and other practical exercises to improve security awareness.
- Keep employees up to date on the latest cyber threats.
How Rootshell Security Can Help:
Our phishing assessments and awareness training ensure your employees are equipped to spot and report cyber threats, reducing the risk of human error.
7. Streamline Incident Reporting to Authorities
DORA requires financial institutions to report significant incidents to regulators within 24 hours.
- Establish clear reporting protocols that meet regulatory guidelines.
- Ensure your incident reports are accurate and include all required details.
- Test your reporting process regularly.
How Rootshell Security Can Help:
We assist in creating and fine-tuning your incident reporting processes to ensure you meet DORA’s stringent reporting timelines.
Partner with Rootshell Security for DORA Compliance
Meeting DORA’s requirements is essential for financial institutions, and with the deadline approaching, there’s no time to waste. By following this checklist, you can take the necessary steps to strengthen your operational resilience and ensure compliance with the regulation.
At Rootshell Security, we’re here to support you every step of the way, from implementing risk management frameworks to testing your resilience and streamlining incident response.
Contact us today to learn how we can help you prepare for DORA and secure your organization against the evolving cyber threat landscape.