Company
Date Published
Author
Bill Wright
Word count
867
Language
English
Hacker News points
None

Summary

The Digital Operational Resilience Act (DORA) is a groundbreaking EU regulation set to take effect in January 2025, aiming to transform cybersecurity and operational risk management in the financial sector. Its comprehensive and obligatory approach makes it a benchmark for global cybersecurity standards, extending beyond EU borders to impact international third-party ICT vendors, such as cloud platforms and SaaS providers. DORA integrates cybersecurity requirements across financial institutions and their supply chains, equating cybersecurity risks with financial risks, which contrasts with the more flexible, voluntary nature of many US regulations. The regulation emphasizes operational resilience, a priority highlighted by the COVID-19 pandemic, as financial entities worldwide faced digital operational challenges. Compliance with DORA demands holistic visibility and collaboration among security, compliance, operations, and IT teams to ensure seamless operations and adherence to security standards. This necessitates advanced tools like the Elastic AI Assistant, which aids in responding to security events and enhancing productivity, underscoring the need for financial institutions to innovate and meet evolving customer and regulatory expectations.