The Digital Operational Resilience Act (DORA), effective January 17, 2025, establishes a unified framework to enhance the digital resilience of the financial sector across the EU. It applies to various financial entities and ICT Third-Party Service Providers, including those outside the EU providing services within the region.
Key Pillars of DORA:
- ICT Risk Management: Entities must implement a robust Risk Management Framework tailored to their size and risk profile. This includes maintaining an updated inventory of ICT assets, establishing business continuity and crisis management plans, and ensuring regular audits.
- ICT Incident Management: Financial entities are required to detect, manage, and report major cyber incidents promptly. Regular training and simulation exercises for incident handling are essential.
- Operational Resilience Testing: An annual Digital Operational Resilience Testing (DORT) program is mandatory, involving stress tests and resilience assessments to strengthen operational plans.
- Management of ICT Third-Party Providers (TPPs): Entities must manage risks associated with ICT TPPs through contractual agreements, resilience testing, and continuous monitoring.
- Voluntary Information Sharing: Encourages sharing of cyber threat intelligence among financial entities to enhance cybersecurity defenses.
In Malta, DORA has been implemented into national law, with the Malta Financial Services Authority (MFSA) overseeing compliance. Financial entities must report major ICT incidents and participate in information-sharing arrangements through the MFSA’s CRMS system. The MFSA holds the authority to impose penalties for non-compliance, including personal liability for board members.
By aligning with DORA, financial entities in Malta can bolster their defenses against cyber threats, ensure business continuity, and comply with evolving regulatory standards.
Aspida is here to assist financial entities in navigating the complexities of DORA compliance.
Our expert team offers tailored solutions to help you meet regulatory requirements, enhance your digital infrastructure, and build a resilient operational framework.
Together, we can fortify your digital resilience and secure a sustainable future for Malta’s financial sector. For any questions or assistance related to compliance with DORA, please contact maltainfo@aspidagroup.com
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