DORA: Cybersecurity Regulation for the Financial Sector

Digitalization has revolutionized the financial sector and at the same time created new targets for cyber criminals. The number and sophistication of cyber attacks on banks, insurance companies and other financial institutions is constantly increasing. The Digital Operational Resilience Act (DORA) addresses this problem and creates a uniform legal framework for cyber security in the financial sector across Europe. This creates numerous challenges and additional burdens for financial companies, particularly when it comes to compliance and the choice of service providers. Combating cyber attacks is a permanent challenge for the financial sector. By implementing suitable technical, organizational and legal measures, financial institutions can increase their resilience to cyber attacks.