The Digital Operational Resilience Act: A response to third-party risk and global disruption.
The WHAT
DORA aims to shield EU financial institutions from cyber threats, boost resilience, and ensure swift recovery from IT disruptions. It establishes unified digital security standards across member states, strengthening the sector's ability to withstand ICT-related challenges and fostering high-level operational resilience EU-wide.
The WHY
The financial sector faces a surge of sophisticated cyber-attacks, with hackers exploiting vulnerabilities in third-party providers and supply chains. This puts organizations at risk of breaches and disruptions. The EU is mandating financial institutions to prioritize cyber resilience.
What are the consequences of non compliance?
DORA has established serious penalties, those which are enforced by the European Supervisory Authorities (ESAs). These penalties can include:
Up to 2% of total annual worldwide turnover
Individual fines and criminal penalties
Loss of consumer trust and reputational damage
Organizations impacted by DORA
DORA affects financial services organizations operating within EU member states and the third-party service providers they use. Even U.S.-based companies delivering financial or ICT services in the EU need to comply.
Banks, Investment firms
Credit Institutions, Credit rating services
Crowdfunding platforms
Data analytics, ICT third-party services, Crypto-asset providers
What applications fall under DORA?
Information and Communication Technology Services (ICTs) under DORA include but are not limited to:
Virtual Machines, Instances, Databases, etc.
On-premises data storage
Cloud data storage
Core banking applications & systems backup
As-a-service applications (CRMs, ERPs, Analytics, etc.)
Departmental SaaS applications
Six Pillars of DORA
What’s New: DORA Backup and Recovery Checklist
- Develop a framework to identify and assess all ICT services
- Align your assessment with established frameworks
- Assign stakeholders to manage data protection operations and continuously monitor ICTs,
- Schedule regular backups
- Follow the "3-2-1 rule" and make sure backups are logically separated from the source system.
- Ensure backups are accessible during outages or cyber threats
- Enable immutability to protect against ransomware.
- Implement multi-factor authentication, encryption, and network segmentation
- Assign recovery SLAs in proportionality with the critical nature of the application.
- Develop and regularly update disaster recovery plans
- Conduct periodic training and simulations to enhance staff preparedness for incident response.
- Maintain documentation and records to demonstrate compliance
- Leverage advanced tools for continuous monitoring and real-time reporting of backup and recovery activities
HYCU R-Cloud™: Broadest ICT coverage in data protection
Long recognizing the risk of third-party services and applications, HYCU has pioneered the protection of ICTs, no matter where they are. HYCU R-Cloud™ offers one unified platform to see, manage, and protect critical applications and data across your entire organization.
Visualize your ICTs, expose unprotected services
- Visualize your entire data estate – applications and services across your organization
- Expose ICTs without
- Backup policies
- Offsite storage
- UI-based recovery
- Immediately start protecting applications and visually monitor for protection and compliance
Automated, DORA-compliant backups
HYCU offers 10x more coverage than any other enterprise backup solution. Designed to automate operations and provide backup assurance, you can:
- Assign backups in one click
- Rest assured with ‘Set and forget’ backups working 24/7
- Modify backup frequencies according to proportionality
- Get notified of all backup activities and events
Customer controlled backups: Offsite and ransomware-proof
- Automatically store backups in a logically separated, offsite location
- Store data in Amazon S3, Azure Blob, Google Cloud, and other S3-compatible storage targets
- Turn on WORM-enabled, immutable backups
- Store data from days to years
Demonstrable recovery & resilience testing
- One-click recovery operations of VMs, instances, and cloud applications
- Built-in disaster recovery, with failovers to the cloud and cross-regional recovery in the cloud
- File and configuration level restore across as-a-service applications
- Complete event tracking and audit logs for all backup and recovery operations
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Hear how we’re helping our customers in the finance sector.
"Innovative backup and DR solution from SaaS to Data Center!"
"HYCU as backup software, it is very good solution and the support team is excellent"
"The software impresses with its user-friendliness and seamless integration with various cloud platforms like Google Cloud and Azure."
"HYCU, Simple and Effective."
Learn more about DORA requirements
HYCU Can help you meet DORA's toughest demands.
Whether your data is on-prem, in the cloud, or across SaaS platforms, HYCU ensures seamless backup and recovery.
With unified policies, logical separation of backups, and complete customer control over storage locations, you’ll have everything you need to stay compliant and protect what matters most!
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