DORA Regulation for UK Organisations

What is the Digital Operational Resilience Act (DORA)?

What Organisations are impacted by DORA?

This image is a diagram titled "Organisations Impacted by DORA," which visually represents various types of organizations affected by the Digital Operational Resilience Act (DORA). The diagram is divided into several categories, including:

Financial Institutions: Banks, Investment Firms, Insurance Companies, Credit Institutions, and Financial Market Infrastructures.
Payment Service Providers: Payment Institutions, E-Money Institutions, Payment Processors, and Digital Wallet Providers.
Financial Market Participants: Securities Trading Venues, Asset Management Companies, and Financial Advisors.
Retailers and E-Commerce Platforms: Online Retailers, E-Commerce Marketplaces, and POS Systems Providers.
Infrastructure Providers: Telecommunication Providers and Data Centres.
Financial Intermediaries: Broker-Dealers, Custodians and Depositories, and Transfer Agents.
Regulatory and Supervisory Bodies: Financial Supervisory Authorities and Central Banks.
Each category highlights the types of entities within the financial ecosystem that are required to comply with DORA's regulatory requirements, ensuring enhanced digital operational resilience across the sector.

What does DORA Regulation mean for UK Organisations?

For UK businesses, the Digital Operational Resilience Act (DORA) is a crucial regulatory framework. While directly applicable in the EU, it has significant implications due to global financial market interconnectivity.

UK financial institutions with EU operations or clients must adhere to DORA’s rigorous standards to maintain market access. This requires UK firms to implement robust ICT risk management strategies and strengthen incident reporting mechanisms. They may also need to undergo resilience testing per DORA’s guidelines.

Additionally, UK ICT service providers catering to EU financial entities could fall under DORA’s jurisdiction if deemed critical third-party providers. DORA compels UK businesses to enhance operational resilience, aligning with global best practices to ensure competitiveness and regulatory compliance.

Unlock Practical Steps to Meet DORA Requirements -Download the Whitepaper.

Understanding the intricacies of the Digital Operational Resilience Act (DORA) is essential for ensuring your organisation’s resilience against ICT-related disruptions. To help you navigate these complex requirements and prepare for the 2025 deadline, we’ve developed a comprehensive whitepaper with our partner, Quod Orbis, that outlines actionable steps for compliance, including ICT risk management, third-party oversight, and incident reporting.

DORA establishes a comprehensive regulatory framework that financial institutions and ICT service providers must adhere. Below are the key requirements your business needs to fulfil:

1. ICT Risk Management.

2. Third-Party Risk Management.

Given the interconnected nature of financial services, DORA mandates that firms manage risks associated with third-party ICT service providers. This includes conducting thorough due diligence, establishing clear contractual obligations, and continuously monitoring third-party performance to ensure adherence to DORA’s requirements. If your business relies on critical third-party providers, additional oversight and reporting requirements may also apply.

3. Operational Resilience Testing.

4. Incident Reporting and Management.

DORA mandates that financial institutions establish robust incident reporting mechanisms. When significant ICT-related incidents occur, businesses must promptly report them to the relevant authorities, ensuring a swift response and minimising damage. To achieve this, your business should also implement well-defined incident management processes that coordinate an effective response to any disruptions. This proactive approach not only meets regulatory requirements but also enhances your organisation’s overall resilience.

5. Information Sharing.

DORA recognises the importance of information sharing about cyber threats and vulnerabilities within the financial sector, encouraging a collaborative approach that strengthens the overall resilience of the sector. While information sharing is not mandatory under DORA, it is strongly recommended as part of a comprehensive resilience strategy. Proactively sharing information enhances your organisation’s security posture and contributes to the collective defence of the financial ecosystem.

6. Oversight of Critical ICT Third-Party Providers.

If your business utilises critical ICT services from third-party providers, DORA mandates that these providers be subject to stringent oversight. This includes ensuring that these providers implement governance structures that align with DORA’s requirements and establishing contingency plans to manage potential service disruptions. This oversight is critical for maintaining the resilience of services that are essential to the financial system.

Build Your Business’s Resilience with DORA Expertise.

The Digital Operational Resilience Act (DORA) sets the bar high for financial institutions, and Secon is here to help you meet and exceed those standards.

How Secon Can Support Your Journey to DORA Compliance?

  • Comprehensive DORA Readiness Assessment: We’ll assess your current operational resilience against DORA’s requirements, identifying any gaps and providing insights on tooling to ensure your business meets the regulation’s stringent standards.
  • Continuous Resilience Support: Beyond just achieving compliance, maintaining it is crucial. Secon offers ongoing support and monitoring to ensure your business remains resilient
  • Specialist Advisory Services: Our team provides expert advice and practical support on everything from enhancing your ICT risk management to optimising third-party risk oversight.

Let Secon be your trusted partner in building a robust operational resilience framework that aligns with DORA.

Contact us today to learn more about how we can assist you on this critical journey.

Safeguard your business from the complexities and risks of DORA non-compliance. Connect with Secon today to discover how our expertise can help you establish a robust, compliant infrastructure. We’ll work alongside you to strengthen your operational resilience, ensuring that your business is well-prepared to meet DORA’s demands and thrive in today’s digital landscape.

Please enable JavaScript in your browser to complete this form.
Name