Advantages of Implementing DORA COMPLIANCE in Your Fintech Company
Written By Deepraj
June 18th,2024
DORA mandates a holistic cybersecurity strategy for financial entities.
1
Enhanced Cybersecurity Posture
Strengthening cybersecurity under DORA protects consumers by minimizing data breaches and service disruptions, ensuring trust in digital financial services.
2
Increased Consumer Protection
DORA mandates transparency: financial institutions must report major ICT incidents to authorities, enabling better oversight and swift response to attacks, ultimately benefiting consumers.
3
Transparency and Accountability
A robust financial sector is crucial for a healthy economy. DORA enhances operational resilience in financial institutions, reducing vulnerability to cyberattacks and operational disruptions.
Stronger Financial System
4
Compliance with DORA can set financial institutions apart. Demonstrating strong cybersecurity and operational resilience attracts security-conscious customers.
Competitive Advantage
5
DORA's incident reporting requirements enable financial institutions to manage and respond to ICT-related incidents more effectively,
Better Incident Reporting
6
Implementing DORA includes reviewing and refining processes for digital asset management and risk handling, enhancing efficiency and organization in financial entities.
Improved Internal Processes
7
While initial costs are involved in DORA compliance, the long-term benefits outweigh them. Preventing cyberattacks and disruptions saves financial institutions resources over time.
Reduced Costs
8
DORA's testing and reporting requirements ensure financial institutions continuously improve their operational resilience.
Continuous Improvement
9
Though DORA is EU-specific, its principles can guide other countries in enhancing financial sector resilience, promoting global security.
Global Impact
10
Discover the top CYBERSECURITY compliance benefits for your business! 🛡️ Stay secure, compliant, and ahead of threats