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Considerable Potential for Harm
Cyber Risks Will Continue to Rise
Intensification of Controls and Enforcement of Standards
BaFin intends to respond to the heightened threat situation by intensifying dedicated IT audits. The need for further action will hinge on the results of these audits. In addition, compliance with supervisory IT requirements and standards is to be increasingly audited and enforced.
For the companies under supervision, this development means that IT security in compliance with the regulations is now required more than ever. For material outsourcing in particular, only service providers that meet all regulatory requirements and do not shy away from a direct BaFin audit can therefore be considered.
Our whitepaper explains what the Digital Operational Resilience Act (DORA) means for banks and financial service providers. The following questions are addressed:
- What are the key requirements of DORA for regulated financial entities?
- What impact will DORA have on the outsourcing of ICT services?
- How can financial entities master the new challenges without much additional effort?