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In the previous post, we explained what the Digital Operational Resilience Act (DORA) is and why it’s crucial for financial institutions and meeting their financial compliance requirements. Now, let’s dive into the steps you need to take to ensure your organisation is fully prepared by the January 2025 deadline.
Step 1: Conduct a Gap Analysis
Assess Your Current Situation
The first step is to evaluate where your organisation currently stands. A gap analysis using data protection tools will help you review how your existing systems, processes, and risk management measures align with DORA’s requirements. Think of it as inspecting your vehicle before a long journey — this will highlight what’s working well and where improvements are needed.
Step 2: Develop an Action Plan
Address the Gaps
Once you’ve identified the areas needing improvement, it’s time to create a detailed plan of action for your data security. Outline the specific steps your organisation will take to meet DORA’s standards, set realistic deadlines, and allocate responsibilities. Planning carefully will help you approach the compliance process in a structured and effective manner.
Step 3: Allocate the Necessary Resources
Budget and Expertise
Achieving compliance with DORA is not just about effort but also about ensuring you have sufficient financial and human resources. Make sure to allocate an appropriate budget for upgrading technology, bringing in expert assistance, and providing necessary training for your teams.
Step 4: Engage All Stakeholders
Involve the Entire Organisation
Compliance with DORA is not solely an IT concern — it requires engagement across the whole organisation. Ensure that senior management, risk departments, and third-party vendors are fully aware of their roles in the compliance process and are actively involved.
Step 5: Test, Validate, and Report
Ensure Your Plan Works
You don’t want to discover flaws in your resilience strategy after a crisis strikes. Regular testing, such as penetration testing and simulated cyberattacks, will help you identify any weaknesses and address them before they turn into real issues. Reporting on these tests will also demonstrate compliance with DORA.
Step 6: Maintain Ongoing Monitoring
Stay Prepared for the Future
DORA compliance is not a one-time task. It requires continuous monitoring to keep up with evolving threats and any changes in the regulation. Automating parts of this process can help you stay on top of compliance requirements in a more efficient way over the long term.
The Benefits of DORA Compliance
Meeting DORA’s standards isn’t just about avoiding penalties. Compliance can bring significant advantages, including:
- Strengthening your cybersecurity measures
- Enhancing operational resilience and reducing downtime
- Building trust with clients by demonstrating your commitment to
safeguarding their assets
According to the World Economic Forum, businesses that focus on digital resilience and operational efficiency today are likely to be more agile, profitable, and forward-thinking in the future. DORA compliance is not just about hitting a deadline — it’s about securing the future of your business.
Final Thoughts
With the January 2025 deadline fast approaching, the time to start your DORA compliance journey is now. By following these steps and planning ahead, your organisation can ensure a smooth transition and stay ahead of regulatory demands. Don’t leave it to the last minute — begin your preparations today to achieve successful compliance.
Need help? Protegrity can guide you through your regulatory compliance data protection options. Contact us today to get started.