The EU’s Digital Operational Resilience Act enters into force today, 16 January 2023. Banks and other covered financial businesses have until 17 January 2025 before the regulation applies.
Photo: European flags. © Håkan Dahlström, Spain, 2010 (CC BY 2.0, via Wikimedia Commons). Resized and cropped.
DORA brings together requirements for technology risk management, major incident reporting, resilience testing and risks from outside technology suppliers. It also establishes oversight of critical third-party ICT providers.
The Council adopted the law on 28 November. Its announcement identifies cloud platforms and data analytics services among the suppliers affected, extending the framework beyond financial institutions’ own systems.
The Council says the aim is to help financial services withstand, respond to and recover from technology disruptions. European supervisory authorities will develop technical standards, while national authorities oversee compliance.
Today’s commencement follows publication in the Official Journal on 27 December and the 20-day interval in Article 64. It is not the start of the operational requirements in 2025.
Sources: Regulation 2022/2554; Council announcement.
Related: The EU’s NIS2 cybersecurity directive enters into force.
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