Introduction
As digital technology continues to reshape the financial services industry, the need for strong cyber resilience has never been greater. To safeguard against operational disruptions and growing cyber threats, the European Union has introduced the Digital Operational Resilience Act (DORA). This regulation is set to have a major impact on how financial institutions manage their IT risks and operational resilience.
At Rootshell Security, we understand the challenges that come with staying compliant with new regulations. In this blog post, we’ll explain what DORA is, its key objectives, and how we can help your business meet its requirements.
What is DORA?
The Digital Operational Resilience Act (DORA) is a European Union regulation designed to ensure that financial services firms can withstand, respond to, and recover from information and communications technology (ICT) disruptions. It forms part of the EU’s broader Digital Finance Strategy, aiming to secure the financial ecosystem from operational risks and cyber threats.
Key Objectives of DORA
- Strengthen ICT Risk Management: Financial institutions must implement robust risk management frameworks.
- Incident Reporting: Mandatory, timely reporting of cyber incidents.
- Third-Party Risk Oversight: Ensure that third-party providers, such as cloud service vendors, meet resilience requirements.
- Operational Resilience Testing: Continuous testing of systems to mitigate risks and assess resilience.
DORA will apply to a wide range of financial entities, including banks, insurance companies, crypto-asset providers, and certain third-party IT service providers.
Why is DORA Important?
Financial institutions are at the centre of the economy, making them prime targets for cyberattacks and operational disruptions. DORA is critical because it ensures that financial institutions across the EU have standardized approaches to ICT risk management, incident reporting, and resilience testing.
By ensuring compliance with DORA, you’re not only adhering to regulatory obligations but also protecting your business from the financial and reputational damage caused by operational failures.
5 Key Pillars of DORA Regulation
Risk Management
Business continuity and disaster recovery are a must.
Incident Reporting
Digital Operations Resiliency
Manage Third-Party Risk
Information Sharing
How Rootshell Security Can Help with DORA Compliance
At Rootshell Security, we specialize in enhancing the operational resilience of organizations through our comprehensive cybersecurity services. Our solutions are designed to help you meet the stringent requirements of DORA, ensuring your financial systems remain secure and operational during times of disruption.
1. Vulnerability Management with PTaaS
DORA places a significant emphasis on continuous risk management and resilience testing. Our Penetration Testing as a Service (PTaaS) platform provides dynamic vulnerability management, giving you real-time visibility into your security posture. With continuous testing and up-to-date risk assessments, Rootshell ensures that your infrastructure is prepared to meet DORA’s resilience testing requirements.
2. Incident Response & Reporting
DORA requires financial institutions to report major cyber incidents within 24 hours. Rootshell Security can help you establish a robust incident response plan that not only addresses threats quickly but also ensures compliance with DORA’s reporting timelines. Our team of experts will work with you to create streamlined reporting processes, ensuring you’re always prepared to respond to cyber incidents.
3. Third-Party Risk Management
DORA requires financial entities and third-party service providers to conduct regular, guided or threat lead penetration testing (TLPT) based on real and specific threats. This involves the use of penetration testers who meet stringent criteria, including technical expertise.
Rootshell’s RedForce Red Team are highly qualified including CREST and the CyberScheme certified consultants. All Rootshell’s Red Team engagements are managed by certified Cyber Scheme Red Team Managers.
4. Resilience Testing & Simulation
Our Red Team services and cyber attack simulations help you test your organization’s ability to withstand cyber threats. We simulate real-world attack scenarios to ensure your financial institution can handle operational disruptions and recover swiftly, as required by DORA.
5. Ongoing Compliance Support
DORA compliance is not a one-time effort. At Rootshell Security, we offer ongoing support to help your business stay compliant as new threats and challenges arise. From regular vulnerability assessments to incident response drills, our team is here to guide you through every step of your compliance journey.
Conclusion
DORA represents a significant shift in how financial institutions manage their risks. With the right partner, compliance can be an opportunity to enhance your overall security posture.
Rootshell Security is committed to helping financial institutions build stronger, more resilient systems. Whether you need support with vulnerability management, incident response, or resilience testing, we have the tools and expertise to help you meet DORA’s requirements and safeguard your business.
Contact us today to learn more about how we can help your organization prepare for DORA.
