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the rising cost of dora compliance

The rising costs of DORA compliance

The European Digital Operational Resilience Act (DORA), which came into force on Friday, January 17, is already having unforeseen costs for organizations right across the financial sector. Although the act is the brainchild of the European Union (EU), the financial services industry has been global for some years, and firms in the US and the UK are also impacted. As of Friday, the new regulations now also apply to US companies providing financial services within the EU or catering to EU customers. California-based cybersecurity company Rubrik has commissioned research that almost half of UK financial businesses report spending over €1 million each over the last two years in trying to comply with the new EU regulation. DORA mandates key provisions such as contractual safeguards and contingency plans to mitigate risks from partners and third parties. DORA compliance also requires regular testing of digital resilience and attack simulations.

X.com wages war on the European Union

Musk rattles skeletons in Brussels’ cupboard

The European Union (EU) suffered a major setback this week in its drive to recreate cyberspace in its own image. In a surprising turnaround, the EU appears to have caved into threats by X (formerly Twitter) owner Elon Musk to reveal “secret deals” offered by the EU to himself and other US-based global social network platforms. Until Monday, EU Commissioner Thierry Breton appeared to be preparing for a legal cage fight with Musk, a man who is tipped to become the world’s first trillionaire, over the issue of free speech and Musk’s refusal to censor political debate on X in line with Brussels’ wishes. Breton’s shock resignation yesterday is now being seen by many as evidence of the truth behind Musk’s allegations. X CEO Linda Yaccarino immediately referred to the resignation of European Union commissioner Thierry Breton as "a good day for free speech."

EU spyware scandal

EU spyware scandal spreads

This week, Poland’s Supreme Court quashed an ongoing probe into spyware abuses allegedly conducted by its own government - claiming it to be “unconstitutional”. Comprehensive new research, published earlier this month by the Atlantic Council’s Digital Forensic Research (DFR) Labs, also now shows that government abuse of spyware is now widespread across the European Union (EU). The findings of DFR Labs’ research provide a truly damning description of the widespread abuse of spyware by governments across Europe, accusing the EU of effectively turning a blind eye to the widespread abuse of its citizens’ rights despite being made aware of the widespread abuses at least two years ago. In 2022, the European Parliament (EP), frustrated by the Commission’s reluctance to tackle the growing scandal, established the PEGA Committee to investigate the misuse of surveillance spyware. 

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