November, 2024
The upcoming Digital Operational Resilience Act (DORA), set to come into effect in January 2025, aims to change the data security regulatory landscape.
It is no secret that the financial industry is a serious target for cyber criminals, driving the need for more stringent regulations to help protect these institutions and their employee and customer data.
Recent research undertaken by Security Scorecard indicates that in 2023, 78% of European financial institutions experienced a data breach involving a third party. Also, 84% of financial organizations have been affected by a breach involving a fourth party. Therefore, regulators and authorities are keen to strengthen financial institutions’ defense against cyber-attacks and other Information and Communication Technology (ICT) incidents.