DORA regulation compliance
automated & evidence based

Streamline compliance and vendor management
with Worlds First CISO Copilot for DORA

Trusted by Fintechs:

A Painkiller for DORA Compliance.

CyberUpgrade makes Digital Operational Resilience Act (DORA) compliance straightforward and efficient for your business. DORA encompasses five essential pillars to ensure financial entities like yours can manage and mitigate risks related to ICT systems.

ICT Risk Management

We offer a robust platform that supports the development of a comprehensive risk management framework. Our tools help in the identification, protection, prevention, detection, and recovery of ICT-related issues, ensuring governance and crisis communication are handled with ease.
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ICT Incident Reporting

With CyberUpgrade, standardize your incident classification and automate the reporting process. Our system ensures that all major incidents are reported timely and in compliance with EU-wide standards, maintaining anonymity where required.
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Digital Operational Resilience Testing

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Benefit from our wide range of technical testing services, including large-scale threat-led tests conducted by independent testers. This helps ensure your systems are resilient and comply with the three-year testing cycle mandated by DORA.

ICT Third-Party Risk Management

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ICT Third-Party risk management is only scary when you use spreadsheets. Manage third-party risks effectively with our pre-contract assessment tools and comprehensive guidelines. Our platform helps you maintain oversight throughout the lifecycle of your ICT service contracts, from assessment through to contract termination and beyond.

Information and Intelligence Sharing

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Stay informed with CyberUpgrade’s intelligence-sharing capabilities. Our platform provides up-to-date guidelines on managing cyber threats and vulnerabilities, keeping you ahead in a constantly evolving digital landscape. Moreover enables to share anonymized cyber threat information as mandated by DORA.

Cyber security Copilot & Dashboard for DORA

CyberUpgrade helps to seamlessly integrate these pillars into your operations, ensuring DORA compliance and enhancing your operational resilience. Trust us to help you navigate the complexities of regulatory compliance with confidence and ease. CyberUpgrades’ CISO copilot will assist your CTO/CISO and engage with every team member by initiating risk assessments, providing cybersec tasks and organizing periodic training sessions in SLACK or TEAMS. Moreover all gathered evidence data and progress updates will be transfered to CoreGuardian dashboard in order to help CTOs with visibility and continuity.

What is DORA regulation?

DORA, which stands for the Digital Operational Resilience Act, is a regulatory framework introduced by the European Union to strengthen the cybersecurity and overall operational resilience of the financial sector. Enacted to address the increasing risks related to information and communication technology (ICT) within the financial industry, DORA aims to ensure that all entities within the financial services sector can withstand, respond to, and recover from ICT-related disruptions and threats.

DORA is designed to harmonize and standardize the cybersecurity practices across EU financial entities, making sure they are prepared to handle and mitigate potential ICT disruptions efficiently. This regulation not only aims to protect individual financial entities but also seeks to uphold the stability and integrity of the financial system as a whole.

Deadline

The Regulation must be implemented into the national legislation of each EU country by 16 January 2025. Starting from the following day, the legislation will take effect, and companies will be required to comply with it.

Affected entities

DORA applies to a wide range of financial entities within the European Union to ensure a uniformly high level of digital operational resilience across the sector. These entities are required to implement comprehensive measures to manage ICT risks, ensure the resilience of their critical functions, and comply with DORA’s stringent regulatory requirements.:

  1. Credit Institutions: Banks and other credit-providing institutions.
  2. Investment Firms: Companies offering investment services and activities.
  3. Insurance Undertakings: Insurance companies, including those providing life and non-life insurance.
  4. Reinsurance Undertakings: Companies that provide reinsurance services.
  5. Payment Institutions: Firms providing payment services as defined under the EU Payment Services Directive (PSD2).
  6. Electronic Money Institutions: Entities issuing electronic money.
  7. Central Securities Depositories: Facilities that hold and administer securities.
  8. Crypto-Asset Service Providers: Companies involved in services related to crypto-assets, such as exchanges and wallet providers.
  9. Central Counterparties: Entities that facilitate operations of multilateral trading facilities.
  10. Trade Repositories: Entities that maintain records of derivatives contracts.
  11. Investment Fund Managers: Managers of investment funds, including those managing hedge funds, private equity funds, and retail investment funds.

Liability for Non-Compliance

Non-compliance with DORA can have severe consequences for both financial entities and their management bodies, underscoring the critical nature of adhering to these regulations. For management bodies, the repercussions are particularly severe, highlighting the personal accountability and significant risks involved in governance failures.

  1. Severe Financial Penalties: Entities can face hefty fines that can amount to a substantial percentage of their global turnover, imposing a significant financial burden. These fines are designed to be proportionate to the severity of the non-compliance but are nonetheless severe enough to impact an entity’s financial stability.
  2. Personal Liability for Executives: Members of the management bodies may be held personally liable for breaches of DORA. This can include not only fines but also other sanctions such as disqualifications from holding management positions in financial institutions, making the stakes particularly high for individual decision-makers.
  3. Reputational Damage: Beyond financial penalties, non-compliance can lead to serious reputational damage. For financial entities, this can mean loss of customer trust, a decline in investor confidence, and long-term damage to brand value. For individuals in management, it can lead to a tarnished reputation, severely impacting their professional careers and future opportunities.
  4. Operational Restrictions: Regulators may impose operational restrictions on non-compliant entities. This could include suspending certain business activities or requiring additional oversight and control measures, which can disrupt business operations and lead to competitive disadvantages.
  5. Enhanced Scrutiny and Oversight: Entities found non-compliant may be subjected to increased scrutiny and regular audits by regulatory bodies, leading to ongoing compliance costs and operational disruptions.

The serious consequences of DORA non-compliance serve as a stark reminder of the importance of digital operational resilience in the financial sector. They stress the need for entities and their management bodies to rigorously implement and continuously monitor compliance with all aspects of DORA to avoid severe penalties and safeguard their operational integrity.

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