Jon TamplinAchieving DORA Compliance with ThreatAware

The financial services industry faces an increasingly complex regulatory landscape, with digital resilience being a key concern for many in the industry. The Digital Operational Resilience Act (DORA) is an EU regulation introduced in 2023 to help improve the digital resilience of financial institutions.

Complying with DORA’s comprehensive framework is crucial for financial institutions that want to prevent and withstand ICT-based disruptions. As firms grapple with these requirements ahead of the regulation’s full implementation next year, solutions such as ThreatAware can play a vital role in supporting compliance and improving digital resilience.

Understanding DORA and its Impact on Financial Services

DORA is designed to strengthen the operational resilience of financial institutions through a framework that covers ICT risk management, incident reporting, resilience testing and third-party risk management. The regulation applies to a wide range of financial bodies, including banks, payment service providers and investment firms.

DORA requires these institutions to integrate stringent ICT risk management frameworks that into their overall risk management processes. Businesses must continuously monitor, log and report any ICT-related incidents, alongside regular resilience testing to identify potential vulnerabilities It’s a significant change in expectations, and maintaining compliance with DORA can be daunting without the right tools and strategies in place. So, what are some of the key elements we need to be aware of?

DORA’s Asset Management Requirements

One of the most significant challenges posed by DORA is its stringent requirements for asset management. It expects financial institutions to keep accurate inventories of all their assets, ensuring each one is continuously monitored and managed effectively.

This includes:

• Maintaining an up-to-date, detailed inventory of all ICT assets
• Regularly assessing and mitigating vulnerabilities with timely patch management
• Conducting thorough due diligence, robust contracts and continuous monitoring of third-party ICT service providers
• Ensuring data accuracy and integrity in the asset inventory
• Allocating sufficient personnel and technology resources
• Integrating asset management processes seamlessly with existing systems
• Ensuring all necessary security measures are implemented and functioning properly across all assets.

How ThreatAware Supports Compliance with DORA

If you’re looking to achieve DORA compliance and enhance your organisation’s overall security and operational resilience, ThreatAware can help.

Our groundbreaking cyber asset management platform is revolutionising asset and security tool management for organisations worldwide. Since 2018, we’ve been on a mission to empower organisations in their defence against cyber threats, emphasising the importance of discovering and protecting every asset to gain a single source of truth.

We provide organisations of all sizes with a platform that continuously monitors the entire IT landscape from one screen. Through our unparalleled patent-pending timeline-matching technology, we can help you achieve DORA compliance through:

• Real-time visibility into your entire IT estate, highlighting vulnerabilities and strengthening your attack surface management
• Continuous, automated critical controls monitoring to help you maintain compliance, reduce vulnerabilities and enhance security
• Accurate, comprehensive and accessible reports to help you make informed decisions and investments in your approach to cyber risks.
• A single, accurate asset list thanks to API discovery, time-matching and dynamic configuration
• A clear list of assets and their vulnerabilities with minimal effort
• Comprehensive lifecycle management, including a consolidated view of user accounts associated with different systems.

Ensuring compliance with DORA is crucial for financial institutions looking to implement and maintain strong ICT risk management frameworks and improve their operational resilience. Central to this is effective asset management. For more information about how ThreatAware can lighten the load, contact us or visit our website.