Achieve DORA Compliance
The Digital Operational Resilience Act (DORA) was introduced to protect financial companies and their partners or providers from major information and communication technology (ICT) risks.
Regulation (EU) 2022/2554
DORA Compliance Unveiled: Managing Third-Party Risks
Join Dan Morgan, Senior Director of Government Relations at SecurityScorecard, and Nuno Teodoro, Vice President, Group Cybersecurity at Solaris SE, in this webinar to:
- Understand DORA regulations and implications for the financial sector
- Hear best practices for adapting third-party risk management strategies for compliance
- Hear from a Solaris SE cybersecurity expert as they share insights
- Gain tools and techniques for ensuring operational resilience and compliance
SecurityScorecard offers a comprehensive solution for adhering to all major aspects of DORA, enabling your organization to minimize ICT risk exposures, build a resilient digital supply chain, and avoid non-compliance penalties.
5 Steps to Prepare your Organization for DORA
Know your third-party risks
DORA will mandate that third-party risk be managed as an integral component of overall ICT risk, to ensure that providers will support your firm in the event of a cybersecurity incident and adhere to tighter security standards. As a result, organizations should regularly assess and monitor these relationships in order to gain instant visibility and keep an eye on red flags and the providers who are critical to the supply chain.
Our flexible third-party risk management solution enables quick and accurate control of risk across your entire digital ecosystem. This 360-degree view into the cyber posture of third-party vendors, directly supports DORA’s focus on third-party risk management.
Financial entities must have internal governance and control frameworks that ensure effective and prudent management of all ICT risks to bring about a high level of digital operational resilience.
SecurityScorecard provides the industry’s most comprehensive Enterprise Cyber Risk Management solution that allows you to spot vulnerabilities and better prevent cyberattacks from happening.
DORA requires financial entities to
implement a process for notifying regulators of ICT-related incidents, sometimes within hours of detection, with a set of specific criteria including number of users affected, criticality and impact on systems, and a view of actual costs and loss due to the incident.
SecurityScorecard offers direct access to highly-skilled and elite incident response experts who are standing by and ready
to support your organization with triaging, recovering from, and responding to
DORA introduces the principles of a comprehensive testing program that assesses and identifies weaknesses, deficiencies, or gaps in your digital operational resilience with requirements that tests be performed by independent evaluators every three years.
Make your organization cyber resilient with a range of proactive services that battle-test your security controls, identify gaps in your attack surface, and enhance your ability to defend against cyberattacks.
DORA mandates management of third-party cyber risks and defines a set of key principles for financial entities to achieve sound management and robust contractual relationships with ICT third-party service providers.
SecurityScorecard provides the industry’s most flexible third-party risk management solution, allowing quick and accurate control of risk across your entire digital ecosystem, including third parties and supply chains.
DORA promotes information-sharing arrangements among financial entities for raising awareness of cyber threat information and intelligence, including indicators of compromise, tactics, and cyber security alerts.
SecurityScorecard collaborates with industry groups to help their members understand and secure their environments, the suppliers and vendors they rely on to run their businesses, and the collective supply chains they form.
Additional DORA tips
Get your board on board
DORA places responsibility for cybersecurity on the shoulders of the board. A company’s board must ensure that these protocols, policies, and tools are enforced. Failure to do so could result in fines or reputational damage. So make sure management is on the same page, and understands the importance of DORA.
Bring in multiple teams
Cybersecurity is no longer just an ICT issue, which means that compliance with DORA shouldn’t be the sole responsibility of the CISO. Involving legal, compliance, risk management, and other relevant teams from the start will ensure your company can meet the DORA requirements faster and more efficiently.
Get ready now
Firms should start planning now for how to align with the new regulations. Most firms that fall under DORA’s scope no doubt have some of these policies and protocols in place, but this is an opportunity to streamline cybersecurity and become more cyber resilient.
The SecurityScorecard Advantage
Create a stronger ecosystem
12M+ companies rated and the largest security ratings contributory network
Gain visibility of your attack surface
Comprehensive data collection from network data to open source repositories and public cloud infrastructures
Streamlined workflows across the cyber risk lifecycle with rules-based automation
and over 90 integrations to extend the value of your existing investments
Transparent and accurate security ratings platform with expert-led and proactive incident response services