Digital resilience has long been more than just an IT issue – it is a key success factor, especially in the financial sector. Here, sensitive data is processed and decisions are made on a daily basis where an IT failure would cause major problems. At the same time, the pressure on companies is increasing as the IT landscape becomes ever more complex and new regulations are regularly introduced. The EU is responding to this with DORA – the Digital Operational Resilience Act. This sets a new standard for digital resilience. However, it is first necessary to establish why DORA is not only an obligation, but also a real opportunity.
The following article takes a closer look at what DORA is all about and answers a few questions: Who does it affect? What are the specific requirements for companies – and how can they get started?
What is DORA?
The term DORA stands for “Digital Operational Resilience Act”, which was introduced by the EU to regulate the financial sector and its digital operational resilience. This creates a uniform and binding requirement for IT security in the financial sector, enabling them to continue operating in a stable manner in the event of a crisis. But DORA is not a voluntary standard to protect against cyberattacks, it provides a binding framework with clear specifications and extensive testing obligations.
And that makes DORA a game changer: it provides uniform European regulations, which promotes trust, security and transparency. DORA thus brings structure and greater clarity to a complex field, allowing digital resilience to be raised to a new, uniform level across Europe. Those who are prepared now will gain a clear competitive advantage.
The five core areas of DORA
DORA is a clearly structured catalog of measures that covers five key areas of digital resilience. Anyone working in the financial sector – or as a service provider for it – will have to address these requirements in the future:
ICT Risk Management
The focus is on establishing comprehensive risk management for all IT systems. Companies must systematically identify and evaluate risks and derive suitable measures. This ranges from technical vulnerabilities to organizational dependencies – with clear processes, responsibilities and documentation.
Reporting on ICT-related incidents
If something goes wrong, the supervisory authority must be informed – quickly and in a structured manner. DORA obliges companies to report serious IT security incidents, including analysis and measures. The aim is transparency and the opportunity to learn from mistakes.
Digital Operational Resilience Testing
IT systems must be put through their paces regularly – through stress tests, vulnerability analyses and penetration tests. Critical systems in particular are subject to stricter requirements in order to remain stable in the event of an emergency.
Third-party risk management
External IT service providers are increasingly coming into focus. DORA stipulates how contracts should be structured, which control mechanisms are required and what continuous monitoring looks like. Exit strategies are also included – in case the collaboration ends.
Information Sharing
Cybersecurity is a team sport. DORA promotes the exchange of information on current threats, attacks and countermeasures between market participants. The aim is to share knowledge, react faster and become more resilient together.
In short: DORA brings structure, responsibility and clear guidelines – for more security in an increasingly networked financial world.
What does DORA actually mean for companies?
DORA not only introduces new rules, but also changes the role of IT – profoundly and permanently. It obliges companies to systematically document their IT landscape, assess risks and define appropriate measures. In addition, emergency plans, reporting processes and regular tests must be carried out in order to be prepared for such cases.
Collaboration with IT service providers is also being reorganized in that contracts must
requirements and actively managing risks. This affects both large and small companies in the financial sector.
For many IT departments, this means a change of role: away from being a “silent service provider” and towards being a strategic risk manager with a direct line to the management. The aim is to anchor resilience not only technically, but also organizationally.
The good news is that those who actively tackle DORA now will not only strengthen their security – but also their future viability in an increasingly digital market environment.
Challenges during implementation
DORA will become mandatory from January 2025 – and many companies are still at the very beginning. The time pressure is real, especially because implementation is anything but trivial. It’s not just about a few new processes, but about technical, organizational and legal requirements – all at the same time, and that brings challenges:
- Existing IT structures are a major issue. Many companies are still working with outdated systems (“legacy IT”) that are difficult to integrate into modern risk management processes.
- Added to this are scarce internal resources, a lack of specialist knowledge and an already busy day-to-day business.
- Dealing with third-party providers is particularly challenging. Here, DORA demands full transparency: contracts must be reviewed, risks assessed and clear exit strategies defined. This is not just a simple tick on a to-do list, but a real effort – especially for companies with many IT partners.
- The reporting and testing requirements should also not be underestimated. Regular penetration tests, emergency drills, structured reports – all of this takes time, planning and documented processes.
In short: DORA is feasible, but not a sure-fire success. Starting now gives you a head start – and avoids stress at the last minute. External support can be a real game changer here.
How to get started:
Implementing DORA does not mean doing everything at once – but now is the right time to get started in a structured way:
- The first step is a gap analysis: What requirements does your company already meet? Where are there gaps? This creates clarity and priorities.
- Then it’s a question of responsibilities: Who is responsible internally? What resources are needed? And how can IT, compliance and management work together efficiently?
- Incident management is a key issue: processes for incident detection, reporting and follow-up should now be defined and documented. IT service providers should also be put to the test – existing contracts must be checked for DORA compliance and adapted if necessary.
- At the same time, initial tests and simulations should be planned to prepare systems for an emergency. It doesn’t have to be Suitable – but it has to start.
- If you feel unsure: external support is worthwhile. Experienced partners such as netgo provide specialist knowledge, tools and practical experience and help to implement the requirements efficiently.
It is important to note that DORA is more than just a new compliance chapter. It is about digital resilience – and therefore nothing less than the future viability of your company.
Conclusion: Is DORA changing the financial sector?
DORA is a real cultural change in dealing with IT risks – and it starts now. Those who act early, position themselves strategically and have the right partners at their side not only meet regulatory requirements, but also strengthen their own digital resilience in the long term.
Yes, the effort is there. But it is worth it: for greater security, stability and competitiveness in a digitally networked financial world.
That’s why companies should start implementation as quickly as possible, proceed systematically – and turn an obligation into a real opportunity. Because DORA is more than just another set of rules. It is a foundation for a secure future.