DORA Lawyer - Cybersecurity

The European regulation on digital operational resilience for 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 financial sector players.

With the rise in cyber threats and attacks targeting critical infrastructure, DORA imposes strict obligations to ensure the security of information systems and guarantee the continuity of essential services. Being supported by a cybersecurity lawyer is becoming essential!

DORA entered into application on 16 janvier 2023, but the entities concerned have a transition period until 17 janvier 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 measures necessary for compliance are in place.

DORA is not merely a legal framework: it establishes 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 meet these new standards.

The main aspects of the DORA regulation:

The DORA regulation seeks to ensure that financial sector players, as well as their ICT service providers, can prevent, withstand, and quickly recover from IT incidents. This framework rests on several essential pillars that impose specific obligations:

• ICT risk management (Chapter II of the regulation) Financial entities must implement robust policies to identify, assess, and manage risks related to information and communication technologies. Regular assessment makes it possible to detect vulnerabilities and define appropriate strategies to minimise risks.

• Oversight and obligations towards third-party providers (Chapter V of the regulation) Increased vigilance is required in 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 set out by DORA. This includes bringing into compliance the clauses relating to operational resilience and the continuity of critical services.

• Mandatory incident reporting (Chapter III of the regulation) Major ICT-related incidents must be reported to the competent authorities within strict deadlines to enable a swift and coordinated response. Putting in place effective reporting mechanisms is essential to meet these obligations.

• Digital resilience testing (Chapter IV of the regulation) Regular tests must be carried out to ensure that information systems are able to withstand cyberattacks and major disruptions. These exercises help improve the overall robustness of digital infrastructures.

Specialised legal support can help analyse each of these requirements in detail and ensure optimal compliance with the DORA regulation.

Let’s discuss your needs for 15 minutes!

Key steps for effective compliance with a DORA lawyer:

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

• Initial audit: Assess the current state of your practices and identify the gaps with DORA’s requirements. To do so, provide auditors with evidence of your compliance efforts; plan frequent control points to avoid sanctions; develop mechanisms to manage future audits autonomously.

• Planning corrective actions: Draw up a detailed plan to remedy the identified shortcomings, prioritising critical aspects such as systems security and risk management.

• Team training: Raise your staff’s awareness of DORA’s obligations to ensure effective and lasting implementation of the new policies.

However, compliance with the DORA regulation is not limited to an initial implementation: it requires continuous monitoring and regular adjustments to stay in line with the requirements. This involves several essential actions.

First of all, it is necessary to analyse regulatory developments, as the DORA regulation may be amended or clarified by delegated acts, such as the RTS (Regulatory Technical Standards). A lawyer ensures that your company remains up to date on these changes.

Next, putting in place a monitoring plan is crucial in order to incorporate regular controls aimed at ensuring the compliance of processes, policies, and contracts.

Finally, you should prepare for external audits, which involves organising the required documents and effectively structuring responses to regulators’ questions.

Practical tips for succeeding in compliance assessments:

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

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

1. Train your teams: Raise your staff’s awareness of DORA’s requirements so that they can respond effectively to audits.

Benefits of legal support for DORA compliance: Complying with the DORA regulation is a crucial step in protecting your company against cyber threats and ensuring the resilience of your digital operations. However, this compliance can be complex and may require specific skills. Engaging a lawyer offers several advantages:

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

• Regulatory expertise: A lawyer masters DORA’s technical and legal requirements, ensuring full compliance.

• Anticipating risks: They identify potential vulnerabilities and propose solutions tailored to your sector.

I want to be DORA-compliant

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

➡️ Proactive compliance with DORA is essential to avoid sanctions and ensure the continuity of your operations. Contact a lawyer for a tailored audit.

I want help!