DORA Compliance
How RiskCognition makes it work
Key Objectives
RiskCognition's AI-driven platform and domain expertise provide a comprehensive solution for DORA compliance. Our platform uses AI to centralize and harmonize your ICT risk management processes, automating evidence collection and pinpointing compliance gaps. This allows you to efficiently meet the stringent requirements for ICT risk management, incident reporting, and digital resilience testing. Meanwhile, our expert team offers continuous guidance, ensuring your organization is not only compliant but also genuinely resilient against cyber threats.
Pillars of DORA
DORA is structured around five main pillars that outline the requirements for financial entities
• ICT Risk Management: Entities must have a robust framework for identifying, managing, and mitigating ICT risks. This includes implementing strong security policies, having clear roles and responsibilities, and ensuring continuous monitoring of their ICT infrastructure. • ICT-Related Incident Management, Classification, and Reporting: This pillar requires financial entities to have a process for detecting, managing, and reporting significant ICT-related incidents to the relevant authorities. The goal is to ensure timely and effective response to cyberattacks or system failures. • Digital Operational Resilience Testing: Entities must regularly test their ICT systems to assess their resilience and identify vulnerabilities. This includes conducting advanced testing, such as penetration testing, to simulate sophisticated cyberattacks and evaluate the effectiveness of their defenses. • Managing Third-Party Risk: DORA introduces a strict framework for managing the risks associated with third-party ICT providers, such as cloud service providers. Financial entities must vet these providers, have clear contractual agreements, and ensure that their providers meet the same resilience standards. • Information Sharing: The framework encourages financial entities to share information and intelligence about cyber threats and vulnerabilities among themselves. This collaborative approach aims to enhance the collective resilience of the financial sector.
What institutions are impacted by DORA?
DORA's scope is broad, covering a wide range of financial entities and their critical third-party ICT providers, including:
• Banks and credit institutions • Investment firms • Insurance and reinsurance companies • Cryptocurrency asset service providers • Critical third-party ICT providers (e.g., cloud service providers, data centers)
DORA: Secure. Compliant. Resilient.
DORA went into effect in January 2023, with financial entities having until January 17, 2025, to comply with the new requirements. Non-compliance can result in significant penalties and regulatory action.
DORA framework design
Case Studies
Case Study – SOC 2
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