DORA: The Financial Sector’s New Compliance Comedy of Errors
DORA introduces a whole new level of “fun” for financial firms with its incident response rules. Imagine reporting a major incident in four hours—just enough time to find a paper bag to hyperventilate into! While firms juggle compliance costs and complex IT stacks, DORA ensures you never again underestimate the power of a stopwatch.
Hot Take:
Who knew the world of financial compliance could be this thrilling? DORA, the EU’s latest regulatory darling, is making financial firms sweat bullets while they juggle registers, contracts, and a whole lot of euros. Who knew cybersecurity could be this expensive and bureaucratically dazzling?
Key Points:
- DORA compliance is a mounting challenge for EU financial firms with a looming deadline and hefty costs.
- Regulatory fragmentation is causing headaches for global organizations dealing with multiple EU laws.
- Incident reporting under DORA is tight, requiring significant resources and quick turnaround times.
- Pending legislation around third-party IT services and subcontracting adds to the complexity.
- Financial firms are finding it tough to track IT risks across complex, multi-cloud environments.
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