EU's DORA Cybersecurity Law Takes Effect, But Compliance Is Mixed

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EU's DORA Cybersecurity Law Takes Effect, But Compliance Is Mixed
BusinessCybersecurityCYBERSECURITY
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The EU's Digital Operational Resilience Act (DORA) officially came into effect on January 17th, requiring financial institutions and their technology vendors to strengthen their IT systems against cyberattacks and disruptions. While the law aims to enhance cybersecurity, experts note a mixed rate of compliance among financial firms due to the complexity of the regulations and differing interpretations.

The European Union's Digital Operational Resilience Act, or DORA , officially entered into effect on Friday.

The penalties for breaches of the new legislation can be substantial. Financial services firms that fall foul of the new rules can face fines of up to 2% of annual global revenue. Individual managers could also be held liable for breaches and face sanctions of as much as 1 million euros .So far, the rate of compliance among financial services firms with the new rules has been mixed, according to Harvey Jang, chief privacy officer and deputy general counsel at IT giant Cisco.

Censuswide survey of 200 U.K. chief information security officers commissioned by Orange CyberdefenseThat's a concern because, even though the U.K. falls outside the European Union now, DORA applies to all financial entities operating within EU jurisdictions — even if they're based outside the bloc. Banks are also adding higher levels of scrutiny in their contract negotiations with tech suppliers due to DORA's strict requirements, Jang said.

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