What is the Law DORA and how it affects the financial institutions? Find out all about the rules DORA, its requirements, and how to adapt to this regulation is essential for the resilience digital in the EU.
Enforcement of the Law DORA
The Law DORA (Digital Operational Resilience Act) is a legislation crucial published in the Official Journal of the European Union on 27 December of 2022. Shall enter into force on the 17 of January of 2025, applicable throughout the European Union (EU), as referred to in EIOPA. This regulatory framework ensures that the financial institutions are able to withstand, respond to, and recover from threats operational digital, ensuring the stability and security of the financial services in the digital age.
People or companies will have to adapt to this policy
The Law DORA affects various entities of the financial sector, including banks, credit unions, investment companies, insurance and reinsurance companies, institutions of payment and electronic money, and providers of ICT services to the financial sector. These entities must update their business practices to comply with the standards of resilience in the digital of the law.
Requirements to comply with the Law DORA
To comply with the Law, DORA, organizations must:
- Risk assessment: Conduct periodic assessments of operational risks digital.
- Policies and Procedures: Establish clear policies for the management of incidents and crises.
- Security of ICT: Implementing robust security technologies of information and communication technology (ICT).
- Continuous Monitoring: Adopt mechanisms for the monitoring and rapid response to operational incidents.
- Reporting and Transparency: Inform the authorities about significant incidents and maintain the operational transparency.
Procedure to adapt to the Law DORA
The process of adaptation to the Law DORA includes:
- Initial Diagnosis: To assess the current state of resilience, digital and operational risks.
- Planning: Develop a plan of action to comply with the law.
- Implementation: Update policies, procedures and it systems.
- Training: Train staff on the new policies of resilience digital.
- Audit and Review: Perform internal audits and periodic reviews to ensure ongoing compliance.
Contact us for specialist advice
To comply with the Law, DORA can be challenging, but our boutique legal attorney is here to help you. We have experts in international tax law and Web 3 that can manage the entire process to ensure that your company complies with this regulation in any place of the EU. Contact us for a customized advice and ensures the resilience digital of your company.
