Digital Operational Resilience Act (DORA)

The Digital Operational Resilience Act (DORA) is a European Union regulation designed to bolster the digital resilience of financial entities against cyber threats and ICT-related disruptions. In Greece, Digital Operational Resilience Act (DORA) compliance regulation holds particular significance as the financial sector undergoes rapid digital transformation, especially in the wake of the COVID-19 pandemic.

Implementation Timeline

DORA’s implementation is structured across four key phases:

1. Entry into Force: The regulation became effective on January 17, 2023.
2. Delegated Acts and Technical Standards: By July 17, 2024, the European Supervisory Authorities (ESAs) are expected to submit draft regulatory technical standards (RTS) and implementing technical standards (ITS) to the European Commission.
3. Adoption of Technical Standards: The European Commission aims to adopt these standards by January 17, 2025.
4. Application Date: Full compliance with DORA is mandatory by January 17, 2025.

Key Provisions

Digital Operational Resilience Act (DORA) introduces several critical requirements for financial entities:

• ICT Risk Management: Firms must establish comprehensive frameworks to identify, assess, and mitigate ICT risks.
• Incident Reporting: Reporting of significant ICT-related incidents to competent authorities promptly becomes an obligation for financial entities.
• Digital Operational Resilience Testing: Regular testing of ICT systems is also mandatory to ensure preparedness against potential threats.
• Management of Third-Party Risks: Financial institutions must effectively oversee risks associated with third-party ICT service providers.

Impact on the Greek Financial Sector

The Greek financial sector has experienced a notable increase in cyber threats. In 2023, there was a reported 35% rise in cyberattacks targeting Greek financial institutions compared to the previous year. This surge underscores the urgency for robust digital resilience measures.

Greek banks, insurance companies, and investment firms have accelerated their digital transformation efforts, partly due to the pandemic and the growing demand for digital services. DORA’s comprehensive approach to cybersecurity not only emphasizes protection against attacks but also ensures that institutions can maintain critical operations and recover swiftly from incidents.

Conclusion

DORA represents a pivotal step toward enhancing the digital operational resilience of financial entities within the EU. For Greek financial institutions, aligning with DORA’s mandates is crucial to safeguard against escalating cyber threats and to ensure the stability and integrity of the financial system.

Read the original article (in Greek).