Simplifying Digital Operational Resilience for the EU Financial Sector.
If these risks are not adequately managed, they may result in the suspension of financial services, which are frequently provided across national boundaries and have a significant impact on other businesses, industries, or even the EU economy. The possibility of such cross-border and cross-sectoral disruptions emphasizes the importance of the financial sector’s digital operational resilience.
On 27 December 2022, the Digital Operational Resilience Act (DORA) was published in the Official Journal of the European Union as a measure to enhance the overall digital operational resilience of the EU financial sector and entered into force on 16 January 2023. DORA will come into full force from 17 January 2025.