Simplify and Automate DORA TPRM Requirements with SecurityScorecard

The Digital Operational Resilience Act (DORA) is a comprehensive set of regulations adopted by the European Union (EU) to enhance the operational resilience of the financial sector in the face of increasing ICT risks.

The regulation focuses on:

• Risk management: It mandates organizations to implement comprehensive risk management frameworks, including identifying and assessing ICT risks, implementing controls to mitigate these risks, and regularly testing the effectiveness of these controls.
• ICT incident management: DORA requires financial entities to establish robust processes for ICT incident management, encompassing incident detection, response, and reporting. Organizations need to define roles and responsibilities, establish communication protocols, and conduct regular testing to ensure their incident response capabilities are adequate.
• Testing: The act emphasizes the importance of regular testing, including penetration testing, vulnerability assessments, and business continuity and disaster recovery exercises, to verify the resilience of systems and processes.
• Third-Party Risk Management (TPRM): DORA places significant emphasis on managing third-party ICT service providers. Organizations must conduct thorough risk assessments, incorporate DORA TPRM requirements into contracts, and continuously monitor the security posture of their third parties.

In this extended data sheet, we’ll outline these key components of DORA in more depth and guide you through how you can use SecurityScorecard to enable compliance and operational resilience.