Normativa DORA
28/01/2025

DORA Regulation: What it is, who it affects, and the tools that facilitate compliance

The Digital Operational Resilience Act (DORA Regulation), effective from January 17, 2025, introduces a unified regulatory framework for managing technological risks in the European Union's financial sector.

Its goal is to strengthen the digital resilience of financial institutions against cyber threats by establishing common standards that eliminate regulatory disparities across EU member states.

What is the DORA regulation?

DORA is designed to address digital vulnerabilities in the financial sector and protect both institutions and their clients. It focuses on four key areas:

  • Technology risk governance and management
  • Incident response
  • Operational resilience testing
  • Third-party risk management

By implementing these standards, DORA aims to create a more secure financial ecosystem, aligned with the demands of an increasingly digital world.

Who must comply with DORA?

The regulation has a broad scope, covering both traditional and non-traditional financial entities:

  • Financial institutions: Banks, insurance companies, asset managers, trading platforms, and investment firms.
  • ICT service providers: Companies offering essential services such as cloud storage, data centers, and data analytics.
  • Other essential services: Credit rating agencies and clearing and settlement service providers.

Additionally, DORA mandates that financial institutions actively manage third-party risks and prevent over-reliance on a single ICT service provider.

Key requirements of the DORA regulation

DORA establishes a detailed framework that financial entities and their ICT providers must adhere to in order to ensure digital operational resilience.

Technology risk management

Entities must design and implement robust risk management strategies, including:

  • System and resource mapping: Identifying and classifying critical technological assets and their interdependencies, such as systems, processes, and providers.
  • Continuous risk assessments: Monitoring systems for vulnerabilities, prioritizing risks, and developing mitigation strategies.
  • Business continuity and recovery plans: Preparing documented response plans for major disruptions, such as ICT system failures, cyberattacks, or natural disasters. These plans must include backup and restoration procedures, as well as communication strategies for clients and regulators.

Incident response and reporting

DORA introduces strict protocols for managing and reporting ICT-related incidents. Organizations must:

  • Classify incidents based on severity.
  • Report critical incidents to authorities in a structured manner, including an initial notification, progress updates, and a final report detailing root causes and corrective actions.
  • Coordinate with affected clients and partners to minimize operational and reputational damage.

Upcoming technical standards will define the exact reporting formats and deadlines to ensure compliance uniformity.

Operational resilience testing

DORA requires regular testing to evaluate the resilience of ICT systems against cyber threats. These include:

  • Annual basic assessments to identify vulnerabilities and assess system security.
  • Advanced testing for critical entities: Key financial institutions must conduct threat intelligence-based penetration testing at least every three years, involving relevant ICT service providers.

Third-party risk management

DORA extends regulatory oversight to ICT service providers, requiring financial institutions to:

  • Monitor external providers by enforcing contract clauses that specify security objectives, exit strategies, and periodic audits.
  • Prevent risk concentration, ensuring critical functions do not overly depend on a single provider.
  • Ensure vendor compliance, as authorities have the power to intervene and suspend contracts if providers fail to meet DORA standards.

For further details on the regulation, consult the official DORA documentation.

How icaria Technology Helps Businesses Comply with DORA

icaria Technology solutions are designed to address DORA requirements by offering tools that optimize data management, security, and regulatory compliance. Here’s how each platform contributes:

icaria TDM (Test Data Management)

Managing test data is crucial to ensuring ICT systems are robust and compliant with DORA. icaria TDM provides:

  • Real-world anonymized data: Enables secure testing with representative but safe data, minimizing exposure risks.
  • Automated resilience testing: Facilitates periodic assessments, including vulnerability evaluations and scenario testing, meeting DORA’s digital resilience requirements.
  • Risk and cost reduction: Prevents unnecessary data duplication and enhances test integrity, ensuring safer and more cost-effective systems.

icaria GDPR (Data Privacy)

Data protection is a core component of both DORA and the General Data Protection Regulation (GDPR). icaria GDPR ensures compliance with both frameworks by:

  • Automating ARCO rights and the right to be forgotten: Efficiently managing data access, correction, and deletion requests.
  • Identifying and anonymizing sensitive data: Reducing risks related to data breaches and ensuring full compliance.
  • Centralized management: Integrating multiple databases and applications for unified control and traceability, aligning with DORA’s requirements.

icaria DG (Data Governance)

Effective data governance is essential for managing technological risks. icaria DG facilitates:

  • Critical data identification and traceability: Mapping an organization’s data architecture and interdependencies, ensuring alignment with DORA.
  • Unified management standards: Enabling cross-department collaboration to ensure consistent, compliant data handling.
  • Optimized data architecture: Reducing response times to incidents and improving operational efficiency, key factors in ensuring resilience.

With icaria Technology, businesses not only comply with DORA but also enhance their technological and operational infrastructure.

If you need assistance with DORA compliance, contact us today.

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