DORA the Cyber Explorer: EU’s Quest to Safeguard Financial Services
The Digital Operational Resilience Act (DORA) is about to make EU financial institutions as cyber-ready as a cat with nine lives. Come January 2025, they’ll need to tackle cyber threats with Threat Led Penetration Testing, making sure every digital door stays securely shut.
Hot Take:
Looks like the EU is telling financial institutions, “Get your cyber act together or face the music!” With the Digital Operational Resilience Act (DORA), banks need to be as prepared as James Bond’s car—equipped for anything and everything. Between mapping out threats like a nerdy detective and running more tests than a mad scientist, these firms better be ready to dodge cyber bullets with style!
Key Points:
- The financial sector has suffered $12 billion in direct losses from cyber incidents over two decades.
- The EU is introducing DORA, effective January 17, 2025, to bolster cybersecurity in financial institutions.
- DORA mandates Threat Led Penetration Testing (TLPT) and comprehensive risk management practices.
- Red and Purple Team exercises will be crucial for firms to simulate and defend against cyber threats.
- Continuous monitoring and adaptability are key to surviving the ever-changing cyber threat landscape.
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