- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2024-08-05T13:01:00
Legislation set to take effect next year will require financial services firms operating in the European Union to implement stronger measures to protect not only themselves from disruption caused by cyberattacks but also the sector as a whole.
The EU’s Digital Operational Resilience Act (DORA), which will be fully enforced on January 17, 2025, aims to address the increasing reliance of banks, insurers, and other firms on information and communication technology (ICT) systems and third-party IT providers. It seeks to ensure that the financial sector is better equipped to withstand and recover from operational disruptions caused by IT and cyber-related incidents.
The legislation also places significant focus on the large, “critical” tech firms upon which the sector depends, imposing more stringent compliance and regulatory requirements to ensure these firms can handle cyber-related risks and maintain the outsourced services provided to financial firms.
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