Headquarters:
Rybná 682/14
Praha 1-Staré Město
110 00
Office:
Dukelských hrdinů 564/34
Praha 7-Holešovice
170 00
The Digital Operational Resilience Act (DORA) is a binding and comprehensive framework for managing mainly digital risks in the financial sectorIt came into force at the beginning of 2023 and entities will have to comply with it from 17 January 2025.
The new regulation brings changes to digital and operational resilience management and sets rules for selected financial institutions and their ICT (information and communication technology) service providers. We can help you through the entire process of implementing DORA requirements in your company, from initial DORA compliance analysis to ICT risk management services.
The Digital Operational Resilience Order (DORA) is a binding and comprehensive framework for managing mainly digital risks in the financial sector. It came into force at the beginning of 2023 and entities will have to comply with it from 17 January 2025.
DORA applies to a wide range of financial institutions, such as banks, investment firms, insurance companies or crypto asset service providers. The regulation will also significantly affect their information technology service providers, such as providers of cloud services or software development, etc. More than 22,000 financial entities in the EU are expected to be involved.
Law of the Czech Republic
EFFECTIVE
2025
APPLIES TO
Providers of regulated service.
MAIN OBLIGATIONS
European Union Regulation
EFFECTIVE
17 January 2025
APPLIES TO
Financial entities.
MAIN OBLIGATIONS
International and cross-industry standard for Information Security Management System (ISMS)
EFFECTIVE
Since 2005 (the latest version of the standard is from 2022).
APPLIES TO
All organizations that want to protect their assets.
MAIN OBLIGATIONS
European standard, assessment and information exchange mechanism for the automotive industry
EFFECTIVE
Since 2017 (version 6 of the VDA ISA survey is from April 4 2024 mandatory for all new TISAX assessments).
APPLIES TO
Organizations in the automotive industry.
MAIN OBLIGATIONS
DORA is an EU regulation that sets out a framework for digital risk management in the financial sector. Unlike NIS2, which covers cybersecurity across different sectors, DORA focuses specifically on financial institutions and their ICT service providers. NIS2 and its implementation in the new Cybersecurity Act will only apply to entities to the extent that DORA does not specifically address. This means that DORA is primary for them. However, this does not mean that only DORA will apply to financial entities, but to some extent NIS2 will also affect them in those areas not comprehensively addressed by DORA.
DORA applies to a wide range of financial institutions, including banks, investment firms, insurance companies and cryptocurrency service providers. It brings several obligations, including senior management responsibility for ICT risk management, ICT incident reporting obligations, ICT risk management, digital operational resilience testing, risk management measures for ICT service providers and many more.
Entities affected by DORA include credit institutions, payment institutions, investment firms, insurance companies, credit rating agencies and others. A full list can be found here. In contrast, the regulation does not apply to alternative investment fund managers, insurance and reinsurance companies or insurance intermediaries. A full list of entities not covered by DORA can be found here. here.
DORA came into force at the beginning of 2023, but entities will have to comply with it from 17 January 2025.
In 2024, the European Supervisory Authorities will submit draft implementing acts to the European Commission. These will provide technical specifications and guidance on how to specifically put the DORA requirements into practice. For example, it will say how to assess the amount of loss caused by an incident or what the rules will be for controlling suppliers/subcontractors supporting critical or important functions. There should be 13 of these implementing acts in total.
In a digital era where we are constantly faced with cyber threats, DORA seeks to increase the digital resilience of financial institutions and their suppliers, who play an important role in the cybersecurity of the entire financial sector.
We can help you by practically preparing your company for the new DORA regulation. Our approach is client-centric, and we understand your unique needs, goals, and challenges. When working with a client we begin by assessing the current state of the company through a gap analysis. Our interest is to ensure that you have control of your company's security risks and proactively manage them. We believe that together we can make the digital space Věříme, že společnými silami můžeme dosáhnout, aby digitální prostor byl safer, more ethical and more transparent.
Our experts have many years of experience in the complete implementation of cyber security measures in companies of various industries and sizes.
We do not provide legal services, but our consultants have a legal background. We can therefore translate directives and legislation into plain language so that you fully understand everything.
We monitor the legislative developments and the current situation regarding the DORA regulation and other European standards in the current local legislation. We know the news and updates first hand.
We set up cybersecurity in a practical and comprehensible way so that it is mainly beneficial for you and so that everyone in your company understands and knows how to use it.
We will help you create the foundations, principles and documentation for the effective security. We will teach you how to understand and rely on your security in case of incidents, so that it is preventive and does not limit the operations.
Do you want to be sure that your company is protected from cyber threats and at the same time comply with the applicable legislation? Sign up for the newsletter and get practical advice from our legal consultants.
Cybrela
IČ: 17597943
Headquarters:
Rybná 682/14
Praha 1-Staré Město
110 00
Office:
Dukelských hrdinů 564/34
Praha 7-Holešovice
170 00
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