The ‘Digital Operational Resilience Act’, known as ‘DORA’, is a new EU regulation for a common set of rules and standards to mitigate ICT risk across the EU financial services (FS) sector, by harmonising existing fragmented rules and raising the bar for ICT risk management.

In a nutshell DORA aims to ensure that all participants in the financial system have the necessary safeguards in place to mitigate cyber-attacks and other risks. The legislation will require firms to ensure that they can withstand all types of ICT-related disruptions and threats.

DORA establishes concrete cyber security obligations, it regulates contractual terms, it describes the prudential role financial regulators have on cyber security and creates requirements around supply chain risk management.