Written By Deepraj
June 18th,2024
DORA mandates a holistic cybersecurity strategy for financial entities.
Strengthening cybersecurity under DORA protects consumers by minimizing data breaches and service disruptions, ensuring trust in digital financial services.
DORA mandates transparency: financial institutions must report major ICT incidents to authorities, enabling better oversight and swift response to attacks, ultimately benefiting consumers.
A robust financial sector is crucial for a healthy economy. DORA enhances operational resilience in financial institutions, reducing vulnerability to cyberattacks and operational disruptions.
Compliance with DORA can set financial institutions apart. Demonstrating strong cybersecurity and operational resilience attracts security-conscious customers.
DORA's incident reporting requirements enable financial institutions to manage and respond to ICT-related incidents more effectively,
Implementing DORA includes reviewing and refining processes for digital asset management and risk handling, enhancing efficiency and organization in financial entities.
While initial costs are involved in DORA compliance, the long-term benefits outweigh them. Preventing cyberattacks and disruptions saves financial institutions resources over time.
DORA's testing and reporting requirements ensure financial institutions continuously improve their operational resilience.
Though DORA is EU-specific, its principles can guide other countries in enhancing financial sector resilience, promoting global security.
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