DORA (Digital Operations Resilience Act)
WEBINAR
DORA Compliance Unveiled: Managing Third-Party Risks
Join Dan Morgan, Senior Director of Government Relations at SecurityScorecard, and Nuno Teodoro, Vice President, Group Cybersecurity at Solaris SE, in this webinar to:
- Understand DORA regulations and implications for the financial sector
- Hear best practices for adapting third-party risk management strategies for compliance
- Hear from a Solaris SE cybersecurity expert as they share insights
- Gain tools and techniques for ensuring operational resilience and compliance
SecurityScorecard offers a comprehensive solution for adhering to all major aspects of DORA, enabling your organization to minimize ICT risk exposures, build a resilient digital supply chain, and avoid non-compliance penalties.
5 Steps to Prepare your Organization for DORA
Know your third-party risks
DORA will mandate that third-party risk be managed as an integral component of overall ICT risk, to ensure that providers will support your firm in the event of a cybersecurity incident and adhere to tighter security standards. As a result, organizations should regularly assess and monitor these relationships in order to gain instant visibility and keep an eye on red flags and the providers who are critical to the supply chain.
Our flexible third-party risk management solution enables quick and accurate control of risk across your entire digital ecosystem. This 360-degree view into the cyber posture of third-party vendors, directly supports DORA’s focus on third-party risk management.
Have the tools ready for reporting
Under DORA, financial institutions are required to report ICT-related incidents to regulators in a timely manner. The following details should be reported: the number of users affected; the amount of data lost; the geographical spread; the economic impact; and more. This plan should also include a detailed description of how employees will respond in the event of a cyberattack, and how operations will be restored if such a breach occurs.
SecurityScorecard’s reporting platform can help you efficiently detect, analyze, and report incidents, offering a streamlined solution for organizations seeking to maintain DORA compliance. Get direct access to elite incident response experts, ready to support with triaging, recovering from, and responding to cyber incidents.
Enable continuous monitoring
Continuous monitoring of your cybersecurity posture will keep your organization informed of potential risks so that it can quickly address any issues that arise. This includes regularly monitoring and evaluating the security posture of your third-party vendors to identify any changes or vulnerabilities that may impact your organization’s overall risk profile.
SecurityScorecard’s platform enables continuous monitoring of your cybersecurity posture by employing automated threat detection. This aligns with DORA’s requirements for ongoing risk management and incident reporting.
Establish a risk management framework
Organizations must develop and implement a comprehensive ICT risk management framework as part of their overall risk management system. Having a platform in place that can help develop, implement, and monitor this framework will address regulatory requirements, while cybersecurity ratings will provide a quantitative, data-driven assessment of your organization’s cybersecurity posture.
Our comprehensive Enterprise Cyber Risk Management solution can help you stop cyberattacks before they happen. And our security ratings provide a data-driven assessment of an organization’s cyber health so you can manage cyber risk and comply with DORA’s ICT risk management requirements.
Conduct regular resilience testing
DORA requires relevant entities to regularly test their cyber resilience, which can include conducting vulnerability assessments, penetration tests, red teaming, tabletop exercises, and more. Staying proactive will help to identify and mitigate potential risks while ensuring business continuity in the event of a cyber incident.
SecurityScorecard’s threat intelligence capabilities can proactively identify and mitigate potential risks, supporting DORA’s emphasis on resilience testing and incident reporting.
Requirements and Solutions
Requirement
Financial entities must have internal governance and control frameworks that ensure effective and prudent management of all ICT risks to bring about a high level of digital operational resilience.
Solution
SecurityScorecard provides the industry’s most comprehensive Enterprise Cyber Risk Management solution that allows you to spot vulnerabilities and better prevent cyberattacks from happening.
Requirement
DORA requires financial entities to
implement a process for notifying regulators of ICT-related incidents, sometimes within hours of detection, with a set of specific criteria including number of users affected, criticality and impact on systems, and a view of actual costs and loss due to the incident.
Solution
SecurityScorecard offers direct access to highly-skilled and elite incident response experts who are standing by and ready
to support your organization with triaging, recovering from, and responding to
cyber incidents.
Requirement
DORA introduces the principles of a comprehensive testing program that assesses and identifies weaknesses, deficiencies, or gaps in your digital operational resilience with requirements that tests be performed by independent evaluators every three years.
Solution
Make your organization cyber resilient with a range of proactive services that battle-test your security controls, identify gaps in your attack surface, and enhance your ability to defend against cyberattacks.
Requirement
DORA mandates management of third-party cyber risks and defines a set of key principles for financial entities to achieve sound management and robust contractual relationships with ICT third-party service providers.
Solution
SecurityScorecard provides the industry’s most flexible third-party risk management solution, allowing quick and accurate control of risk across your entire digital ecosystem, including third parties and supply chains.
Requirement
DORA promotes information-sharing arrangements among financial entities for raising awareness of cyber threat information and intelligence, including indicators of compromise, tactics, and cyber security alerts.
Solution
SecurityScorecard collaborates with industry groups to help their members understand and secure their environments, the suppliers and vendors they rely on to run their businesses, and the collective supply chains they form.
Additional DORA tips
The SecurityScorecard Advantage
Create a stronger ecosystem
12M+ companies rated and the largest security ratings contributory network
Gain visibility of your attack surface
Comprehensive data collection from network data to open source repositories and public cloud infrastructures
Reduce operational costs
Streamlined workflows across the cyber risk lifecycle with rules-based automation and over 90 integrations to extend the value of your existing investments
Make informed decisions
Transparent and accurate security ratings platform with expert-led and proactive incident response services
