The Digital Operational Resilience Act (DORA) is set to come into force in January 2025, aiming to enhance the resilience of the European financial sector to ICT-related disruptions. However, with less than a year remaining, financial institutions and ICT service providers are facing numerous challenges in ensuring compliance. These challenges fall into three main categories: setup and ownership, implementation, and sustainable compliance. Fragmented understanding of DORA's impact, prescriptive requirements, and unclear compliance assessment criteria are just some of the hurdles organisations need to overcome. Despite these challenges, DORA presents a strategic opportunity for financial institutions to prioritise digital operational resilience, gain a competitive edge, and build trust with stakeholders. By taking immediate action and adopting an integrated approach, organisations can unlock the benefits of DORA and ensure their preparedness for the upcoming deadline. Are you prepared?
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