Tag: cyber act
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.