DORA
Digital Operational Resilience Act
Summary
The Digital Operational Resilience Act ensures that financial institutions and their IT service providers can withstand and recover from severe operational disruptions, enhancing digital and operational resilience across the EU financial sector.
Applies to
Financial institutions operating in the EU.
Example
A bank ensuring its systems can recover from cyberattacks.
Benefits
Enhanced operational resilience, reduced risk of disruptions.
Non-Compliance Risk
High risk of financial penalties, operational disruptions.
Fines
Significant fines proportional to annual turnover.
Effective date
Expected by 2025
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