By Pantelis Angelides
CEO, Quadprime
From the EBA Guidelines on ICT and security risk management to the recent Digital Operational Resilience Act (DORA), European bodies are shaping a robust framework to combat ICT threats. This article delves into the significance of DORA as a legally binding regulation that enhances cybersecurity measures for financial institutions and their third-party service providers. Furthermore, it offers insights into the broader landscape of cybersecurity legislation in Europe, including the Network and Information Systems (NIS) Directive, and emphasises the multi-layered approach taken by European bodies to combat cyber threats. Additionally, it provides a comparison between DORA and previous guidelines and regulations, highlighting their role in establishing a standardised approach to cybersecurity across the EU, empowering financial services institutions to effectively manage ICT risks and enhance digital resilience.