EU Financial Firms Struggle to Keep Up with DORA—Compliance Woes or Comedy of Errors?
A staggering 96% of European financial services firms admit they’re flunking the EU’s Digital Operational Resilience Act (DORA), months after its debut. The pressure is sky-high, with IT teams stressed and budgets pinched. Meanwhile, third-party risk management is proving trickier than parallel parking a submarine.
Hot Take:
So it turns out that meeting the EU’s Digital Operational Resilience Act (DORA) requirements is a bit like trying to squeeze into those jeans from high school—most European financial services firms are finding it a tight fit. Six months in, and the majority are still struggling to get their cyber resilience up to scratch. Maybe they should have paid more attention to their IT diet and exercise regime before the deadline!
Key Points:
- 96% of financial companies believe their data resilience is below DORA compliance.
- 41% report increased stress on IT and security teams due to DORA.
- 20% haven’t secured the budget needed for DORA compliance.
- Regulators can impose penalties up to 2% of global annual turnover.
- Third-party risk management is the biggest challenge for complying with DORA.
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