In a recent feature by the Wall Street Journal, the evolving landscape of European cybersecurity regulations was brought into sharp focus, particularly the Digital Operational Resilience Act (DORA). As we navigate through the intricate fabric of this new regulation, questions arise about its future impact on the financial sector. Our latest blog delves deep into the insights from the Wall Street Journal’s coverage and reflects on the pivotal discussions from the 11th Annual QED Conference on Cybersecurity.
Understanding DORA:
With just a year left for implementation, the financial industry is on the brink of a major regulatory overhaul. Will firms be adequately prepared to comply with DORA? More critically, will the regulatory bodies themselves be equipped to enforce these rules effectively?
Technological Neutrality and Reporting Efficiencies:
The promise of technological neutrality in DORA’s regulatory technical standards suggests a flexible framework, but achieving this requires a balanced approach to innovation and regulation. Additionally, the conference explored strategies to streamline reporting requirements to ensure they are thorough yet not excessively burdensome.
Risk Management Under DORA:
Effective ICT risk management is the backbone of DORA. The discussions at the conference emphasised the need for robust measures to manage both internal and third-party risks. This includes sophisticated strategies for classifying and reporting ICT incidents and implementing proportionate digital operational resilience testing.
Enhancing Collaboration:
A standout point from both the Wall Street Journal’s coverage and the conference is the potential for enhanced information sharing between financial entities. This collaborative approach under DORA could be a game-changer in bolstering the sector’s defenses against cyber threats.
For a deeper understanding of these critical issues and more, read our full blog analysis. Join the ongoing conversation and access the conference’s valuable insights on-demand here: https://www.qed.eu/event/11th-annual-qed-conference-on-cybersecurity/.