DORA (Digtial Operational Resilience Act) Gap Analysis
What is a DORA Gap Analysis
DORA (Digital Operational Resilience Act) is scheduled to become enforceable on January 17, 2025. Organisations within its scope need to ensure compliance with its requirements by this date.
This allows financial entities and related service providers adequate time to assess their current ICT frameworks, conduct gap analyses, and implement necessary changes to meet DORA's standards.
A DORA Gap Analysis evaluates an organisation's current information and communication technology (ICT) systems, policies, and procedures against the requirements set by the Digital Operational Resilience Act (DORA). The purpose of this analysis is to identify discrepancies and areas where the organisation falls short of DORA's standards.
This helps the organisation understand what specific actions and improvements are needed to achieve compliance with the Act, thereby enhancing its overall digital operational resilience and ability to handle ICT-related risks and incidents.
Who should have a DORA Gap Analysis?
A DORA Gap Analysis should be conducted by any organisation that falls within the scope of the Digital Operational Resilience Act. This typically includes:
- Banks and Credit Institutions: Ensuring their ICT systems are resilient to withstand operational disruptions.
- Insurance Companies: To safeguard against digital threats and maintain service continuity.
- Investment Firms: Protecting their financial data and operations from cyber risks.
- Payment Service Providers: Ensuring secure and resilient payment processing systems.
- Electronic Money Institutions: To comply with regulatory standards for ICT resilience.
- Crypto-asset Service Providers: Addressing the unique cyber risks in the digital asset space.
- Financial Market Infrastructures: Such as stock exchanges and clearing houses, to ensure market stability.
- Third-Party ICT Service Providers: Who provide critical services to financial institutions and must adhere to the same resilience standards.
- FinTech Companies: To ensure innovative financial services are compliant and resilient.
These organisations should perform a DORA Gap Analysis to identify weaknesses and take corrective actions to meet DORA requirements, ensuring their ability to effectively manage ICT-related risks and incidents.
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