Category: Blog
What Is DORA?
The Digital Operational Resilience Act (DORA) is a European Union regulation designed to strengthen the cyber resilience of financial institutions. It came into effect on January 16, 2023, and the compliance deadline was January 17, 2025.
Now that the deadline has passed, financial institutions must demonstrate full compliance or risk regulatory penalties, financial losses, and reputational damage.
Who Needs to Comply with DORA?
DORA applies not only to financial institutions within continental Europe but also to those in EU territories outside of Europe, including:
- The Caribbean: Guadeloupe, Martinique, Saint Martin, Saint Barthélemy
- The Atlantic: The Azores, Madeira, Canary Islands
- The Indian Ocean: Réunion, Mayotte
- Other Overseas Territories: French Guiana in South America
If a financial institution operates in any EU member state or its territories, DORA compliance is mandatory, regardless of geographical location.
The Five Pillars of DORA
DORA establishes a framework based on five key pillars, each focusing on a critical aspect of digital resilience:
- ICT Risk Management
- Institutions must implement governance, risk, and compliance (GRC) measures to monitor and mitigate digital risks.
- Incident Reporting
- Financial entities must establish incident detection and response mechanisms, reporting major cyber incidents to authorities within strict timeframes.
- Digital Operational Resilience Testing
- Regular penetration testing, vulnerability assessments, and stress testing are required to identify weaknesses before they are exploited.
- Third-Party Risk Management
- Institutions must assess the cyber risks of their third-party vendors and supply chain partners, ensuring compliance across external providers.
- Information Sharing
- Financial institutions are encouraged to share cyber threat intelligence to improve sector-wide resilience.
The Compliance Challenge: Why Financial Institutions Are Still Struggling
Even though the deadline has passed, many financial institutions are still struggling to meet DORA’s requirements due to:
- Legacy IT systems that require significant upgrades.
- Complex third-party ecosystems with varying levels of security maturity.
- The need for continuous monitoring and rapid incident response to stay compliant.
- Ongoing resilience testing and audits that require specialized expertise.
Failure to comply could result in regulatory fines, operational disruptions, and reputational damage, making it essential to close any remaining gaps quickly.
How Hitachi Cyber Helps Financial Institutions Achieve and Maintain DORA Compliance
At Hitachi Cyber, we provide a comprehensive framework to help financial institutions not only achieve but also maintain ongoing compliance with DORA. Our solutions include:
- 24/7 Managed Security Services (MSS) for continuous monitoring and rapid threat detection.
- Incident Response & Crisis Management to ensure compliance with reporting timelines.
- Regulatory Compliance Assessments to align your cybersecurity policies with DORA’s requirements.
- Third-Party Risk Management Solutions to assess and monitor vendor cybersecurity postures.
- Advanced Threat Intelligence & Information Sharing to enhance resilience across the financial ecosystem.
Stay Compliant with Hitachi Cyber
If your financial institution is still working toward full compliance, you’re not alone—many organizations are facing the same challenges. Hitachi Cyber is here to help with tailored cybersecurity solutions that align with DORA’s requirements.
Contact us today to ensure your institution remains compliant and resilient in an evolving threat landscape.
