Cybersecurity experts share the fundamental requirements of the DORA compliance framework for EU financial institutions, effective January 2025
According to Microsoft’s Digital Defense Report 2024, the finance industry is among the top 10 most targeted sectors for nation-state cybersecurity threats.
The industry is found to be most impacted by business email compromise attacks (BEC). These are personalised phishing campaigns crafted to target IT, finance and legal departments with specific topics such as “software updates” or “tax submissions” to encourage a response from the targeted company. This tailored approach has been found to significantly boost compromise success rates with inbox rule manipulation being the most common method (40%)*.
The Digital Operational Resilience Act (DORA) is an EU regulation that is due to come into effect in January 2025. The compliance requirement will ensure that financial institutions, such as banks, asset managers, and payment providers, maintain a high level of operational resilience in the face of digital threats.
The new regulation rollout will impact both the financial sector and its IT suppliers. Depending on their current cyber security measures, some organisations may need to put a substantial amount of work in to become compliant ahead of the new year.
OnSecurity, the leading penetration testing provider is proud to partner with Adoptech to bring financial companies an expert-led webinar covering the fundamental requirements of DORA’s rollout in the next few weeks.
The webinar is aimed at educating professionals working in the financial industry to learn more about the requirements to secure DORA, the criteria for companies it will impact, as well as key requirements and deadlines.
Conor O’Neill, Co-Founder & CEO at OnSecurity, said:
“The creators developed the DORA framework to ensure financial companies can continue to operate during cyber attacks. Rather than being a one-time fix, it provides an ongoing approach to strengthen security operations continuously.
“DORA is a big step in making the financial sector more resilient to cyber threats. Achieving compliance with DORA requires a multifaceted approach encompassing risk management, incident response and cybersecurity measures.
“We hope that financial institutions embracing these principles and leveraging the expertise of cybersecurity professionals, can navigate the complexities of DORA compliance and safeguard the integrity of their operations in an increasingly digital landscape”.
For more information about OnSecurity’s webinar: ‘EU DORA Compliance: Everything financial institutions need to know’ on Wednesday 27th November at 12 GMT, please visit the website here: https://www.eventbrite.co.uk/e/dora-compliance-digital-operational-resilience-act-tickets-1059488230819?aff=oddtdtcreator
