The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) recently announced that they will launch in May 2024 the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. Under the Digital Operation Resilience Act (DORA) and starting from 2025, financial entities will have to maintain registers of information regarding their use of ICT third-party providers.
In this dry run exercise, this information will be collected from financial entities through their competent authorities and will serve as preparation for the implementation and reporting of registers of information under DORA.
Beyond regulations, it is important to note that European financial institutions and insurance companies are specifically targeted by APT groups. Such organisations have also experienced intentional or not intentional disruptions caused by internal resources. Such disruptions having more severity on operations in an increasingly digital and interconnected environment and can create reputational damage.
The European Council introduced the Digital Operational Resilience Act (DORA) on 16 January 2023, to improve resiliency in banks, insurance companies and other financial organisations who have become prime targets for cyber criminals. Many organisations have been very active in digitising processes and services. Operational efficiencies introduced by cloud data migration, process automation and artificial intelligence amongst other have also introduced new risks. As organisations are interlinked and operate with Europe beyond UK borders it has become increasingly important to comply with the regulation. DORA aims to address these risks by mandating robust systems and processes to ensure business continuity and protect consumers.
Please join us on 26th June for a one hour webinar, where our experts will take you through DORA and and what your organisation needs to do to be on track.
How to Register
If you would like to register for this webinar please click the link below.