What is DORA?
DORA is a regulation enacted by the European Union (EU) to strengthen the operational resilience of financial entities. It is part of the EU's broader strategy to enhance financial stability and the security of the financial sector in an increasingly digital landscape.
DORA applies to entities established in the EU as well as those outside the EU that provide services to the EU market. Any business providing services that impact the financial system - such as cloud providers, IT services, or payment processors - must comply if they serve regulated financial entities.
Why DORA compliance is a good idea
DORA compliance provides a proactive defense to managing risks, protecting your data, and creating trust with clients and partners. It directly addresses multiple risks that can threaten an organization's financial stability, such as operation risks, IT disruptions, and cybersecurity incidents.
From a business perspective, DORA provides a clear framework to help you stay competitive in a market that increasingly prioritizes resilience and security: Demonstrating compliance makes your business more attractive to stakeholders who demand high security and operational standards.
How do we do it?
Our approach simplifies DORA compliance for you.
We start by conducting a gap analysis to identify where your current processes and security controls align - or don't align - with DORA requirements. We then provide a clear roadmap to compliance with specific action steps to get you where you need to be.
The services we provide include:
- Gap Assessments: Pinpoint gaps in security and compliance, and have Rhymetec create action plans to fulfill requirements.
- Documentation of Cybersecurity Policies: Create and document cybersecurity policies for your organization, in line with DORA's cybersecurity requirements.
- Risk and Vendor Management: Manage risks tied to operational disruptions and from vendors and partners to meet DORA's outsourcing requirements.
- Incident Response Planning: Develop response plans that comply with DORA's incident reporting timelines and standards.
- IT Security Reviews: Analyze your IT infrastructure to verify that it meets DORA's cybersecurity requirements.
- Ongoing Compliance Monitoring: Maintain compliance as regulations evolve and your business grows.
Fast-Track DORA Compliance With Rhymetec
DORA enforcement begins January 17th, 2025.
It's important for businesses to act now to meet the requirements. At Rhymetec, we pride ourselves on fast-forwarding security and compliance for over 700 organizations.
Our team is dedicated to delivering premium-tier service to ensure DORA compliance. We equip you with the tools to address requirements efficiently while staying focused on your core business. We provide all the data and insights you need to make informed decisions and take definitive action.
Contact us today to get started.
