Since the January 16, 2023regulations DORAtogether with the associated directive, strengthens the security of financial services in the face of the global financial crisis. digital transformation and cyber attacks. My Data Solution guides you through this new regulatory frameworkto promoteInnovation while ensuring consumer protection. We offer our expertise to help you navigate these changes, guaranteeing compliance and safety with harmonized standards for digital resilience optimal.
DORA covers a wide range of players in the financial sector, including credit institutionsthe investment firmsand payment service providersas well asInsurance and Risk Management Services and reinsurance. It also extends to ICT service providers operating in the financial services sector within the EU, providing governance and vigilance reinforced.
At the same time, Directive 2022/2556 must be transposed by Member States by January 17, 2025.
It is crucial for financial entities and ICT service providers to prepare without delay. At My Data Solution, we help you to understand and integrate these new requirementsby assessing their operational and strategic impact on your organization.
We transform IT and cyber risk management in a sturdy digital operational resilience. Regulations DORA establishes a crucial regulatory framework for this, forcing financial entities to ensure their ability to cope with, react to and recover from significant operational disruptions related information and communication technologies (ICT).
The concept of operational resilience evolving from a risk management approach focused on the prevention and the loss control to a proactive, global strategy. This strategy assumes that incidents can occur at any time, and prepares the organization to respond effectively to maintain business continuity and essential services.
To be successful, it's essential to have a detailed understanding of the company's operations and its ecosystem, in order to identify the most appropriate risks and threatsIt also enables us to assess acceptable levels of disruption for both the organization and the customer. This approach reinforcesagility and the responsiveness of the organization, increasing trust and the customer loyalty.
So.., DORA is not just a regulatory requirement for financial institutionsbut a opportunity to stand out in the market by improving their operational resilience face IT risksof cyber securityof business continuityand those related to levels.
In a world where digital technology has become ubiquitous, organizations such as My Data Solution are facing unprecedented operational resilience challenges. The ability to maintain smooth, efficient operations in an ever-changing digital environment has become essential to ensuring business continuity and data security. To frame this digital operational resilience, it is crucial to understand and implement the five fundamental pillars that underpin this approach. With this in mind, this article will explore in detail these five key pillars and their importance to My Data Solution.
Visit financial entities must have a system in place to manage the risks associated with ICT comprehensive and well-documented, enabling them to deal with these risks quickly, efficiently and comprehensively and to guarantee a high level of safety. digital operational resilience.
Integrated into the overall risk management system, it is based on a strategy of digital operational resilience which defines how the system is to be implemented. It must be continuously improved on the basis of lessons learned from implementation and monitoring.
At the heart of the DORA regulation lies the crucial objective of harmonizing the reporting of incidents involving ICT. The aim is to enable supervisory authorities to react more quickly to cyber threatswhile offering financial entities a better understanding of the evolving threat landscape. As part of this initiative, it is the responsibility of financial entities design and implement a process for managing incidents related to ICTto detect, manage and report such incidents.
These entities are required to record and classify all incidents ICT as well as cyber threats in accordance with the criteria detailed in the DORA regulations, which will be specified by the European Supervisory Authorities (ESAs)theEBA, l'EIOPA and theESMA. Major incidents involving ICT must be communicated to the members of the Management and themanagement bodyand be declared to competent authorities within a timeframe and according to a standard model defined by the AES. In addition, the financial entities can also voluntarily report the following information cyber threats significant.
Visit financial entitiesother than microenterprisesmust establish, maintain and regularly review a testing program for digital operational resilience as an integral part of the risk management system for ICT.
The digital resilience must :
Visit financial entities of significant importance and mature cyberdesignated by the competent authoritieswill be required to carry out advanced threat-based penetration testing (" Threat-Led Penetration Testing "or " TLPT ").
The DORA regulation introduces a harmonization existing risk management requirements for third-party service providers ICT. Visit financial entities must include :
The DORA regulation also introduces a mechanism for direct supervision service providers ICT criticisms by AES at EU level.
The DORA regulation strongly encourages financial entities to share information and intelligence on cyber threats withinfinancial entities of trust. This approach aims to raise awareness of cyber threats and support the financial sector's defense capabilities, threat detection techniques and mitigation, response and recovery strategies.
Visit conclusioninformation technology risk management has become an undeniable priority for companies. financial entities. The DORA regulation represents a significant step forward in this direction, introducing harmonized standards and procedures aimed at strengthening the digital operational resilience in the European financial sector. Through its various provisions, the regulation encourages financial entities to set up test programs for resilienceharmonize requirements for third-party service providers ICTand to promote the sharing of information on cyber threats withinfinancial entities confidence. By adopting these measures financial entities will be able to better anticipate, detect and respond to emerging threats, reinforcing the security and stability of the financial sector in an ever-changing digital environment.
GDPR compliance should not be a constraint for your organization, but an opportunity to demonstrate your commitment to data security. Our external DPO service is designed to optimize the compliance process, providing our expertise to ensure the protection of your personal data. As a result, you can concentrate on your core business, while benefiting from the increased confidence of your customers and partners.
The DORA regulation aims to harmonize existing requirements for managing the risks associated with external ICT service providers. Among the obligations imposed on financial entities, they must establish a strategy for dealing with the risks associated with third-party IT service providers.
DORA's objective is explicitly defined in its Recital 105, a preamble that precedes the legislative text and sets out its motivations: "to achieve a high level of digital operational resilience for all regulated financial entities". But what does "digital operational resilience" actually mean? According to the DORA text itself, this refers to: "the ability of a financial entity to develop, guarantee and reassess its operational integrity and reliability. ensuring, directly or indirectly through the use of services provided by third-party ICT service providers, the full range of ICT-related capabilities required to guarantee the security of the networks and information systems it uses, and which underpin the ongoing provision and quality of financial services, including in the event of disturbances" - DORA, Article 3(1)
The Digital Operational Resilience Regulation concerns 21 entity types. These are described in Article 2:
The following are excluded from the scope of DORA :
It should be noted that Member States may choose to exclude from the scope of DORA certain very specific national credit or investment entities, as referred to in Article 5 of the Directive.Article 2(5) of Directive 2013/36/EU. In France, for example, the government could choose to spare the Caisse des dépôts et consignations.
The RGPD, General Data Protection Regulation, is a European Union regulation that aims to protect individuals' personal data. It also concerns the banking and financial sector, as institutions frequently collect and process sensitive customer data, such as banking information and credit card details.
In the event of a breach of the RGPD, companies in the Banking - Finance sector can face fines of up to 4 % of their worldwide annual sales or 20 million euros, whichever is greater. In addition to fines, violations can lead to a loss of customer trust and seriously damage the company's reputation.
Key steps to RGPD compliance include: conducting a data assessment, implementing data protection policies, obtaining informed consent from individuals, enhancing data security, raising employee awareness and implementing a data subject rights management process.
To obtain valid consent, make sure that your request for consent is clear, understandable and specific to each processing purpose. Customers must give their consent freely, knowledgeably and without pressure. You must also inform customers of their right to withdraw consent at any time.
Security measures include using encryption techniques to protect data, restricting access to sensitive data, implementing access controls, raising employee awareness of data security, and carrying out regular audits to assess the effectiveness of measures.
My Data Solution offers a range of customized services to help you achieve RGPD compliance. We carry out compliance assessments, develop bespoke action plans, train your staff in best practice, manage individuals' rights and carry out regular audits to ensure ongoing compliance.
RGPD compliance boosts your customers' trust by showing your commitment to protecting their data. This helps you avoid costly fines for non-compliance, protects your reputation and gives you a competitive edge by attracting privacy-conscious customers.
My Data Solution is hosted, designed, and developed in France
