What is DORA and Will it Affect Your Business?
What is DORA and Which Businesses are Affected?
DORA is a new set of regulations set to enter the cybersecurity sphere mainly aiming to help secure the financial sector. In this blog, Three Cherries break down what DORA is, what businesses may be affected by the changes and what you can do to meet the new regulations.
What Does DORA Stand For?
DORA stands for the Digital Operational Resilience Act.
What are the Key Objectives of DORA?
The main objective of DORA is to improve how financial organisations protect their systems from digital threats such as cyber attacks. It also ensures that financial companies can recover quickly from any digital disruptions and downtime. This makes it a highly important regulation within both the financial and cyber/IT industries.
What Businesses Does DORA Apply To?
DORA will apply to many businesses in Bristol, below are a handful of sectors which will need to consider DORA
- Bristol Banking Companies
- Bristol Payment Providers
- Bristol Insurance Companies
- Bristol Investment Firms
What are the Main Requirements of DORA?
The main requirements of DORA for Bristol businesses are the following:
- Regular cybersecurity testing including defense testing
- Clear recovery plans in case of breach
- Quick response to any threats
- Ensure all technology providers meet cybersecurity guidelines
When Does DORA Take Affect?
DORA became fully enforceable on January 17, 2025. This means financial companies need to get their digital systems and processes in line with the new regulations. If your Bristol business requires any assistance with getting DORA ready, contact Three Cherries today!
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