The European regulation on digital operational resilience in the financial sector, also known as the DORA regulation (Digital Operational Resilience Act), is a European Union initiative aimed at strengthening the digital resilience of players in the financial sector.

With cyberthreats and attacks on critical infrastructures on the increase, DORA imposes strict obligations to ensure the security of information systems and guarantee the continuity of essential services.

DORA came into force on January 16, 2023, but affected entities have a transition period until January 17, 2025 to fully comply with its requirements. This period is intended to allow companies to review their internal policies, update their contracts, and ensure that all necessary compliance measures are in place.

DORA is more than just a legal framework: it sets standards that affect not only financial institutions, but also their information and communication technology (ICT) service providers.

As a result, the companies concerned must not only comply with the technical requirements, but also ensure that their contracts, internal practices and security policies comply with the new standards.

Key aspects of DORA regulations :

The DORA regulation aims to ensure that players in the financial sector, and their ICT service providers, can prevent, withstand and recover quickly from IT incidents. The framework is based on several key pillars that impose specific obligations:

• • ICT risk management (Chapter II of the regulations)
    Financial entities must implement robust policies to identify, assess and manage risks related to information and communication technologies. Regular assessment enables vulnerabilities to be detected and appropriate strategies to be defined to minimize risks.

• • Monitoring and obligations towards third-party service providers (Chapter V of the regulations)
    Increased vigilance is required when managing contracts with ICT service providers. Companies must structure their contracts in such a way as to ensure that their suppliers comply with the security standards defined by DORA. This includes compliance with clauses relating to operational resilience and continuity of critical services.

• • Mandatory incident reporting (Chapter III of the Regulation)
    Serious ICT-related incidents must be reported to the competent authorities within strict deadlines to enable a rapid and coordinated response. Effective reporting mechanisms are essential to meet these obligations.

• • Digital resilience tests (Chapter IV of the regulation)
    Regular tests must be carried out to ensure that information systems are capable of withstanding cyber-attacks and major disruptions. These exercises help to improve the overall robustness of digital infrastructures.

Specialized legal support can help to analyze each of these requirements in detail and ensure optimum compliance with the DORA regulation.

Key steps to effective compliance :

DORA compliance requires a structured approach. A lawyer can guide you through the following steps:

• • Initial audit: Assess the current state of your practices and identify gaps with DORA requirements. To do this, provide auditors with evidence of your compliance efforts; anticipate frequent checkpoints to avoid sanctions; develop mechanisms to manage future audits independently.

• • Corrective action planning: Draw up a detailed plan to correct identified shortcomings, prioritizing critical aspects such as system security and risk management.

• • Team training: Make your staff aware of DORA's obligations, to ensure effective and sustainable implementation of the new policies.

However, compliance with DORA regulations is not limited to initial implementation: it requires ongoing monitoring and regular adjustments to keep up with requirements. This involves several essential actions.

First of all, we need to analyze regulatory developments, as DORA regulations may be amended or clarified by delegated acts, such as RTS (Regulatory Technical Standards). A lawyer will ensure that your company remains up to date with these changes.

Secondly, the implementation of a monitoring plan is crucial to integrate regular checks to ensure compliance of processes, policies and contracts.

Last but not least, we need to prepare for external audits, which means organizing the required documents and effectively structuring responses to regulators' questions.

Practical tips for successful conformity assessments :

1. 1. Document all your actions: Keep a paper trail of risk management policies, reported incidents, and the results of digital resilience tests.

1. 1. Set up dashboards: Track your compliance indicators in real time to quickly identify any discrepancies.

1. 1. Train your teams: Make your staff aware of DORA's requirements so that they can respond effectively to audits.

Benefits of legal support for DORA compliance:
Complying with DORA regulations is a crucial step in protecting your business from cyber threats and ensuring the resilience of your digital operations. However, compliance can be complex and require specific skills. Calling in a lawyer offers several advantages:

• • Time-saving: The lawyer handles the legal and contractual aspects, allowing you to concentrate on your operational priorities.

• • Regulatory expertise: A lawyer masters the technical and legal requirements of DORA, guaranteeing full compliance.

• • Anticipating risks: identifying potential vulnerabilities and proposing solutions adapted to your sector.

DORA regulations cover highly technical and legal areas, including cybersecurity and ICT risk management. A lawyer trained in financial and digital regulation understands the specific challenges of the financial sector and can tailor his advice to your unique needs.

➡️ Proactive DORA compliance is essential to avoid penalties and ensure business continuity. Contact a lawyer for a personalized audit.