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The financial services landscape is evolving rapidly, with new regulations emerging every day. One of the most recent and significant developments for financial institutions in the European Union is the Digital Operational Resilience Act (DORA). Designed to ensure that financial entities are better prepared for technological disruptions and cyber threats, DORA aims to build resilience in the face of growing digital risks.
At Consult Hyperion, we specialize in payment and cybersecurity, structured risk analysis, and technical due diligence. I’d like to share how our expertise in these areas can help your organization navigate the complex requirements of DORA and achieve full compliance.
Understanding the Impact of DORA on Financial Institutions
DORA sets out to harmonize the requirements for operational resilience in the financial sector across the EU. This means that financial institutions, from large banks to small fintech firms, are now required to have comprehensive risk management frameworks that can withstand a wide range of cyber incidents and operational disruptions. The regulation focuses on ICT risk management, incident reporting, operational resilience testing, and managing third-party risk, among other things.
For any financial institution, ensuring compliance with DORA is a multi-faceted challenge. The regulation is comprehensive, and failure to comply could lead to penalties, legal liabilities, and reputational damage. But this is where Consult Hyperion comes in.
How Consult Hyperion Can Help You Comply with DORA
Our team at Consult Hyperion has over 30 years of experience working with financial institutions across the globe, helping them address their cybersecurity needs, performing structured risk analyses, and providing technical due diligence on third-party vendors and systems. Here’s how we can assist you:
1. Structured Risk Analysis
Risk analysis is at the heart of DORA. Financial institutions must identify, evaluate, and mitigate a variety of risks, from cyber-attacks to system failures. At Consult Hyperion, we’ve developed a proprietary structured risk analysis (SRA) approach that not only identifies potential vulnerabilities in your organization but also assesses the likelihood and impact of those risks. We provide a clear roadmap on how to mitigate those risks to stay compliant with DORA.
We help you map out your entire digital infrastructure, identify key points of failure, and assess your operational resilience. Our team works closely with your IT, risk management, and compliance departments to ensure that you have the right systems in place to manage risks effectively.
2. Technical Due Diligence
One of the key components of DORA is ensuring that your third-party vendors and ICT service providers are compliant with the regulation. This means conducting thorough technical due diligence on all your partners, ensuring they meet the necessary standards and are not introducing any undue risks to your operations.
At Consult Hyperion, we have a wealth of experience in conducting technical due diligence across a wide range of vendors and technologies. Our assessments are thorough, covering everything from security and privacy to operational resilience and regulatory compliance. With our help, you can have confidence that your third-party relationships are solid and that they meet DORA’s stringent requirements.
3. Cybersecurity Expertise
Our expertise in cybersecurity is another critical asset for financial institutions looking to comply with DORA. We understand the intricacies of securing complex digital infrastructures, particularly in highly regulated environments like banking and financial services.
We can help you design and implement security frameworks that protect your systems and ensure the integrity of your data. Our team works closely with you, making sure that your institution remains resilient to emerging threats. Leveraging our SRA process, we ensure that your organization meets DORA’s mandated security requirements.
4. Operational Resilience Testing
Under DORA, financial institutions are required to perform regular operational resilience testing to ensure that they can withstand and recover from significant operational disruptions. Consult Hyperion’s team can help you develop and execute comprehensive testing scenarios that assess your organization’s ability to respond to various disruptions, from cyber-attacks to natural disasters.
We can help to ensure that your testing protocols are robust and aligned with the DORA guidelines.
Moving Forward with Confidence
Complying with DORA is no small task, but with the right expertise and support, your financial institution can not only meet the regulatory requirements but also enhance its overall resilience. At Consult Hyperion, we are passionate about helping our clients strengthen their digital infrastructures, mitigate risks, and build a secure foundation for future growth.
If you’re looking for expert guidance to navigate the complexities of DORA, we’re here to help. With our proven track record in security, risk analysis, and technical due diligence, we can provide the support your organization needs to stay compliant and resilient.
To learn more about how Consult Hyperion can support your DORA compliance journey please contact us at: https://consulthyperion.wpcomstaging.com/contact/
