DORA Compliance Checklist: Essential Steps for Successful Implementation
DORA is an EU-based regulation that is going to be
The Digital Operational Resilience Act (DORA) is an EU regulation aimed strengthening the operational resilience of the financial sector against cyber threats and other disruptions. DORA sets strict requirements for financial entities, such as banks, investment firms and insurers to properly manage and maintain Information and Communication Technology (ICT) risks. DORA mandates the strong governance frameworks, continuous risk monitoring, incident reporting, and regular resilience testing.
It also requires third-party ICT providers to undergo very strict oversight to ensure the security and stability of the financial system, so that can withstand and quickly recover from cyber incidents, safeguarding both institutions and customers. At VISTA InfoSec, we help you navigate all these stringent requirements and provide tailored gap analyses, remediation plans, and ongoing compliance support to ensure your organization meets all DORA mandates and avoids costly penalties.
We will sit with your team to understand your business processes and the environment to accordingly consolidate the scope.
Our team will understand your business from the perspective of a Processor or Controller and define the scope for DORA compliance.
We will assess the current operational resilience posture to identify gaps in compliance with DORA regulations.
We will check your third-party ICT providers to make sure they’re up to DORA standards.
Once identified the gaps and risks, we will develop a detailed action plan to address them.
Train employees on DORA requirements to prepare them support compliance efforts.
We will conduct a thorough audit to assess compliance with DORA’s operational resilience standards.
Once all controls are confirmed to be in place, we will be issuing a legally admissible “DORA Compliance” Certificate for your organization.
If required, we can extend our continual support by offering you Managed Compliance Services to help your organization stay certified.
DORA applies to a broad range of financial entities within EU, such as banks, investment firms, insurance companies, payment service providers and other financial institutions. It also includes third party ICT service providers who support organizations like cloud service providers, data centers, and software vendors. If your organizations falls in these categories, it is important to ensure compliance with DORA to manage ICT risks and maintain operational resilience to avoid cyber threats and disruptions.
DORA Audit cost for an average-sized company starts at $8000. Pricing for DORA Audit usually depends on several factors, including the Scope of Audit, Types of Business, Technology Platforms, Number of Locations, and other additional services.
On average it takes 4-6 weeks to achieve DORA Compliance. However, the timeline also greatly depends on the time taken for implementing the remediation suggested in the initial gap analysis conducted before the actual audit.
After completing a DORA audit, you will receive a detailed report documenting the effectiveness of your organization’s ICT risk management and operational resilience practices. This report will provide insights into how well your systems and controls are aligned with DORA requirement. Plus, you will also get a DORA “Certificate of Compliance” that you can show your clients and also proudly display in your office.
1. Strengthens your ability to withstand and recover from ICT disruptions.
2. Helps you avoids fines and regulatory sanctions with adherence to DORA standards.
3. Shows your commitment to cybersecurity and regulatory compliance to clients and stakeholders.
4. Ensure you implement effective ICT risk management practices and continuous monitoring.
5. Aligns with EU regulations and keeps your operations within legal requirements.
DORA is an EU-based regulation that is going to be
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