It’s been two years since the Digital Operational Resilience Act (DORA) was implemented, and financial services organisations and suppliers have been working to meet its requirements by today’s January 2025 deadline. While it’s crucial for UK financial entities and ICT service providers to understand its significance, resilience is a critical topic for all organisations. DORA provides a valuable framework that is relevant to all industries, helping companies demonstrate their preparedness against cyber risks and enhance their overall resilience.
We know it can be challenging to prioritise this essential investment in resilience when there are so many demands on budgets, but with the arrival of DORA, it’s a great reminder that risk management needs to be a top priority for any organisation. So, we’re working with a wide range of organisations to help them with policies and procedures, application, platform, and data modernisation. We also provide managed security services where we monitor and manage risk and handle incident response.
As digital systems become more integral to business operations and cyber threats continue to rise, DORA requires financial entities to address any reasonably identifiable circumstances related to the use of network and information systems, including potential cyber threats. This legislation is designed to make organisations more robust, efficient, and resilient by improving their decision-making processes and overall digital resilience.
How we can assist
- Risk Management and Compliance: We help clients understand and implement the necessary measures to comply with DORA. This includes identifying and addressing circumstances that could compromise the security of network and information systems. Our experts help clients ensure they meet DORA’s high standards and avoid potential legal and financial repercussions.
- Cybersecurity Solutions: With a range of cybersecurity solutions, we help our clients protect their digital assets. This includes deploying industry-standard protocols such as DMARC to defend against business email compromise (BEC) and other significant cyber threats. Our solutions are designed to be robust and scalable, ensuring clients can effectively manage their cybersecurity posture in line with DORA’s requirements.
- ICT Supply Chain Management: Under DORA, financial entities must only contract with ICT third-party suppliers that comply with high information security standards. We assist clients in managing their ICT supply chain by ensuring all third-party providers meet these standards. This includes conducting thorough assessments and audits to verify compliance and mitigate risks associated with third-party services.
- Cloud Solutions: The move to cloud-based solutions is inevitable for many businesses due to the cost and scalability benefits. By supporting clients in transitioning to the cloud, we ensure their systems are reliable and have sufficient capacity to handle peak demands. This aligns with DORA’s requirement for financial entities to use and maintain updated systems and tools appropriate to their operations.
- Exit Strategies: We help clients develop and implement effective exit strategies with their third-party ICT suppliers. This is crucial for avoiding business disruption and ensuring a smooth transition when contracts expire. Our expertise in managing exit arrangements protects clients from potential issues and ensures continuity of service.
DORA is more than just a regulatory requirement; it’s an opportunity for UK financial entities and ICT service providers to strengthen their digital resilience and gain a competitive edge. As we move into this new era of digital operational resilience, it’s crucial to stay informed and proactive in adapting to these changes.
Don’t wait until it’s too late. Every organisation is a target for ransomware, data theft, and other cyber threats. We’re here to help you safeguard your organisation, strengthen resilience, and navigate DORA with confidence. Our experts are ready to help you stay compliant and secure so get in touch to find out how we can build a stronger, more resilient future—together.
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First Response Finance
