On January 17, 2025, the Digital Operational Resilience Act (DORA) came into force – an EU regulation strengthening and regulating digital security and resilience in the financial sector.
What Is DORA?
DORA requires banks, insurance companies, and other financial sector players to set up their IT systems to withstand cyber-attacks but continue to operate seamlessly in the event of IT failures.
This includes all areas of the financial sector, including third-party providers.
With DORA, the EU is sending a clear message:
Digitalizing the financial sector must not compromise security and stability. But what is behind this regulation, and how can companies benefit from it?
Who Needs to Act? These Companies Are the Focus
DORA is aimed at a wide range of organizations operating in the financial sector, including
- Credit institutions
- payment service providers
- investment firms
- Providers of crypto services
- Trading venues
- Insurance and reinsurance companies
- Crowdfunding platforms
- Capital management companies
- rating agencies
Equally important is the role of critical third-party providers, so-called third-party ICT service providers. These are companies that provide information and communication technology services for financial companies. For example, cloud providers and IT service providers.
Their services must also meet DORA’s high requirements, as they often represent a key element in the digital infrastructure.
Therefore, the entire supply chain is scrutinized to ensure no weak points jeopardize security.
The Main Content of DORA
DORA will ensure the digital operational resilience of the European financial sector in these six areas:
- ICT risk management
- Handling, classification, and reporting of ICT-related incidents
- Testing digital operational resilience including Threat-led Penetration Testing (TLPT)
- Management of ICT third party risk
- Monitoring framework for critical third-party ICT service providers
- Information sharing agreements and cyber crisis and emergency exercises
(Source: BaFin – you can find more detailed information here).
What Does DORA Mean for IT Security? More Than Just Compliance
DORA is far more than just a regulatory obligation. The regulation is a strategic guide to ensure digital resilience in the financial sector.
One key requirement is that companies systematically check their IT systems and processes for vulnerabilities and take adequate measures to address them. Instead of waiting, DORA calls for proactive action to minimize risks at an early stage.
Another important aspect is the introduction of uniform reporting standards for security incidents. This transparency ensures that incidents can be identified and rectified more quickly and strengthens the trust of customers and supervisory authorities.
The systematic review of third-party providers is another key point. Companies must ensure that external service providers and partners comply with the high-security standards.
In addition, DORA requires companies to develop and regularly test comprehensive emergency plans. These plans should ensure that organizations can act even in crises such as IT failures or cyber-attacks. In addition to technical solutions, coordination between departments and partners is also crucial.
How Teamwire Helps to Overcome the Hurdles of DORA
As a partner, Teamwire offers you solutions specially tailored to the requirements of DORA to strengthen your digital resilience. Our secure communication platform enables you to communicate efficiently even in crises and ensure business continuity:
Functions such as alerts, group chats, push-to-talk, broadcasts, and live locations ensure that everyone involved is constantly updated. Teamwire features such as distribution lists, video conferencing, and the company-wide address book are equally relevant in the context of business continuity.
In addition, Teamwire meets the highest security standards:
With ISO 27001 certification, full GDPR compliance, and BSI C5-tested hosting, you can be sure our platform complies with regulatory requirements.
Seamless integration into existing IT infrastructures also facilitates the implementation of DORA requirements and strengthens resilience against threats.
DORA – The Future of IT Security Starts Now
At first glance, DORA may seem like yet another regulatory hurdle. But in reality, the new directive is a milestone for digital security and resilience in the financial sector. It challenges companies to rethink their IT strategies and fundamentally prepare for the future.
Companies that act now can strengthen their cyber security, gain a competitive advantage, and prepare themselves for the digital future.
For example, financial institutions can strengthen their customers’ trust and gain market share through more robust IT systems. In addition, early adaptation to DORA regulations allows for the optimization of internal processes and, thus, long-term cost savings.
The future of IT security starts now – and it offers numerous opportunities for companies that act proactively. Tools like Teamwire can help you comply with DORA regulations quickly and effectively.
If you are not yet part of the Teamwire community, we invite you to learn more about our solutions – either through our case studies or a free demo:
Here, you can read case studies from various sectors where Teamwire has been used successfully. These include the police, medical services, and municipal administrations.
You can also book a free product tour at any time.
