Coming into force in 2023 but with an application date of 2025, the DORA regulation seeks to standardize IT risk management in the financial sector, ensuring operational continuity and the efficient functioning of essential services during significant IT security incidents.
The aim of DORA is to ensure that financial businesses in the European Union are able to withstand and respond to technology-related disruptions, such as cyber-attacks or computer breakdowns. By improving IT incident management and integrating specific procedures for detecting, managing and reporting such incidents, DORA aims to enhance the stability and security of the European financial sector.
DORA requirements include the development of robust, well-documented systems to manage the risks associated with information and communication technologies (ICT). Financial institutions must put in place monitoring systems to detect security incidents early, and have procedures in place to manage these incidents effectively. The regulations also require a register to be kept of all contracts with ICT service providers, distinguishing those related to critical functions, and the requirement of minimum contractual conditions for effective monitoring of provider-related risks.
DORA's 5 main obligations
1. ICT risk management
Financial institutions need to develop a robust, well-documented system for managing the risks associated with information and communication technologies (ICT). This includes identifying, assessing and mitigating potential risks related to cyber threats, system failures and vulnerabilities.
2. Reporting incidents
DORA requires the integration of specific procedures to effectively detect, manage and report IT incidents. Institutions must set up monitoring systems to detect security incidents early, and have procedures in place to manage them effectively. Major incidents must be reported to the appropriate authorities.
3. Third-party service provider management
Financial institutions must keep a register of all contracts with ICT service providers, distinguishing those related to critical functions. They must also ensure that contracts include minimum conditions for effective monitoring of provider risks.
4. Exchange of information
DORA encourages the development of systems to exchange information on cyber threats in order to improve defense and detection capabilities. Institutions must share information on threats and incidents with other financial entities and the relevant authorities.
5. Resilience testing
Financial institutions need to carry out regular resilience tests to assess the robustness of their ICT systems. This includes vulnerability testing and simulation exercises to prepare teams to respond effectively in the event of an incident.
Semkel's contribution in the context of DORA regulations
In an environment increasingly marked by cyber threats, Semkel, a company specializing in Cyber Threat Intelligence (CTI), stands out for its ability to provide robust solutions that meet the requirements of DORA regulations.
1. ICT and cyber risk management
DORA imposes strict requirements on ICT risk management, including the monitoring of third-party ICT service providers and the operational resilience of IT systems. Semkel, by providing detailed information on cyber threat actors, their tactics, process and index of compromise, helps financial institutions to identify and mitigate risks, thereby improving their operational resilience and ability to respond to security incidents.
2. Monitoring and information exchange
DORA requires the continuous monitoring of risks associated with third-party ICT providers, as well as the exchange of information on cyber threats. Semkel's services enable real-time monitoring of threats on the deep/dark web and the sharing of intelligence with financial entities, contributing to better coordination and rapid response to incidents. Worth knowing:
- Identification of security vulnerabilities
- Identifying domain names that imitate yours
- Identification of password leakage
- Credential identification
- Data leakage identification
- Observation of network activity (including Darkweb traffic)
- Malware detection
- Ransomware monitoring
- Mention on marketplaces / forums and Telegram groups
3. Operational resilience testing
DORA provides regular resilience tests, including advanced tests to assess the robustness of ICT systems. Semkel can offer vulnerability assessments, enabling entities to check the effectiveness of their security measures and prepare for various cyber-attack scenarios. As well as resilience exercises with anti-phishing drills and training.
4. Compliance and reporting
DORA requires reporting of major ICT incidents to the relevant authorities. Semkel's solutions facilitate the collection, analysis and communication of incident data, ensuring that financial entities can meet reporting requirements.
By providing threat intelligence, monitoring tools, exercises, training and reporting solutions, Semkel helps financial institutions strengthen their digital resilience and comply with DORA requirements.
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