Digital Operational Resilience Act
Description
The Digital Operational Resilience Act (DORA) is a regulatory framework developed by the European Union to enhance the operational resilience of financial institutions against ICT risks. DORA sets stringent requirements for risk management, incident reporting, resilience testing, and third-party risk management, ensuring that financial entities and their service providers can withstand and quickly recover from ICT-related disruptions.
Overview
DORA is aimed at financial institutions, including banks, payment service providers, insurance companies, and their ICT service providers. Its purpose is to enhance the security, stability, and resilience of the financial sector by setting standards for ICT risk management, incident reporting, resilience testing, and third-party risk oversight.
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