Amid financial sector digital transformation, DORA—a European Union Commission initiative—addresses cyberattack risks by creating a framework to enable a more resilient financial sector. NewRocket guides customers to go beyond compliance and turn DORA into a competitive advantage with the power of ServiceNow.
Book a CallDORA is the European Union’s response to the financial sector’s increasing reliance on technology. While digital transformation has improved the financial institutions’ abilities to deliver services to their customers, it also makes financial institutions vulnerable to cyber attacks and technology failures and operational disruptions. Failure of the financial sectors’ technology can have significant impact on their customers, employees and the economies in which they do business, which has prompted the European Union to codify the need for the resilience of the financial sector into law.
DORA is a 24/7/365 regulatory act and cannot be treated as a checkbox compliance. When these pillars are achieved in a holistic platform which allows for the sharing of data and the integration of technology, risk, compliance, and security teams, organisations are able to achieve success together, rather than in silos, making them more efficient and increasing the return on investment.
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Financial institutions must identify their business functions and the ICT assets and/or third parties on which they depend.
Gain a comprehensive view of the technical, application, and business dependencies of your top functions and services.
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Financial institutions need a proactive risk management program to assess threats and vulnerabilities for their ICT assets. They should implement policies, procedures, and controls to safeguard asset confidentiality, integrity, availability, and authenticity, including change management, patching, and software updates.
Gain a comprehensive view of the technical, application, and business dependencies of your top functions and services.
Define your policies and their requirements to support your governance programme.
Financial institutions need to monitor the uptime of their ICT assets, the implementation and efficacy of their security controls, and regularly perform vulnerability assessments and threat-led penetration testing.
Identify potential exposures with your ICT assets and correct them quickly.
Continuously the compliance and efficacy of your security controls.
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Financial institutions should evaluate the importance of their ICT assets and the impact of potential outages. They must create business continuity and crisis communication plans, and optimise incident response plans to safeguard critical services.
Streamline your impact analysis and continuity processes to prepare to recover critical services.
Bring your business continuity, risk, and compliance management programs together to review the status of your resilience programme.
Financial institutions must establish a system to identify, respond to, and report operational incidents, particularly cybersecurity. When an incident occurs, the containment of the incident, and the swift recovery of critical services must be prioritised.
Predict, prevent, and respond to IT incidents from a single workspace.
Coordinate response efforts to security incidents by automating the collection and analysis of data.
No matter the incident, respond to and recover critical services quickly in the event of an outage.
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Third parties must be actively managed and assessed for their criticality and risk to the financial institution. Critical third parties must be subject to specific contractual obligations, including exit agreements.
Facilitate the on-boarding, due diligence, and off-boarding of third parties to better manage your third party risk
At NewRocket, we understand the challenges financial institutions face, from complex silos to inefficient manual processes that can hinder DORA compliance efforts. With more than 15 years of experience in financial services, regulatory compliance, and risk management, we use a proven methodology to solve our customer’s complex business problems with ServiceNow, increasing regulatory compliance while securing a competitive advantage for our customers.
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