Certification DORA Regulation

DORA represents a step towards a more robust European financial environment in the face of digital challenges. By adopting this framework, it seeks not only to protect financial institutions, but also to ensure that end users can fully rely on the security and continuity of the services they use.

DORA Regulation Implementation

What is the DORA regulation?

The DORA (Digital Operational Resilience Act) regulation is a European Union regulation that aims to strengthen the digital operational resilience of financial institutions. This regulation establishes a common framework to ensure that financial sector institutions can withstand, respond to and recover from technology-related incidents. Officially published in 2022, DORA is part of European regulatory efforts to address the growing risks associated with digitization and cyber threats.
The standard not only seeks to prevent disruptions to financial services due to technological failures or cyberattacks, but also to ensure that, should they occur, entities are prepared to minimize them and maintain market and user confidence.

Which entities are affected by DORA?

The DORA regulation applies to a wide range of entities within the financial sector, including:

Banks and credit unions: traditional entities that handle large volumes of financial data and transactions.
Insurers and reinsurers: Institutions in charge of risk management and compensation.
Investment companies and asset managers: Companies related to wealth management and investment funds.
Financial market infrastructures: Organizations such as payment systems, central securities depositories and exchange platforms.
Critical ICT service providers: Technology companies that provide critical infrastructure or services to financial institutions, such as cloud solutions or cybersecurity.

DORA also extends its scope to external providers that offer critical technology services to these entities, recognizing their essential role in the operation and security of the financial system.

What are the objectives of the DORA regulation?

DORA has as its main objectives to ensure a safer and more resilient financial system in the face of digital risks. Some of its key purposes include:

Establish common digital resilience standards: create a uniform framework for all financial institutions and their providers to operate with high standards of security and resilience against technological incidents.
Strengthen third-party risk management: Ensure that financial institutions effectively monitor and manage risks associated with critical third-party providers, such as cloud services or technology platforms.
Improve incident response: Ensure that institutions have robust plans in place to identify, respond to and recover from cyber-attacks, technology outages or other digital incidents.
Increase regulatory cooperation: Facilitate collaboration between national and European authorities for more effective and coordinated supervision of digital risks.
Protect financial stability and customer confidence: Minimize the impact of digital incidents on the economy, safeguarding customer data and resources and maintaining the stability of the financial system.