EU’s Digital Operational Resilience Act Enacted 16 January 2023
The EU's Digital Operational Resilience Act (“DORA”) entered into force on 16 January 2023, 20 days after its initial publication in the Official Journal of the European Union on 27 December 2022.
Individual country/state regulators within the EU will now define specific technical requirements (that will align with the DORA legislation) for regulated firms and critical third parties within their jurisdiction. While regulated firms have until the end of 2024 to be fully compliant, financial sector institutions and designated critical third-parties are advised to start preparing immediately.
The background on this legislation and its widespread impact on digital infrastructure owners, operators and providers is outlined in detail in the recent publications from Uptime Institute below:
Report: Financial Resiliency: How Europe Will Regulate Third-Party IT
This seven page report looks into the key elements and expected impacts of the European Union’s Digital Operational Resilience Act (DORA), with a special focus on third-party service providers (TSPs) of digital services — including colo, software as a service and cloud providers, and hosting companies.
Webinar: Understanding and Addressing Outage Risks within the Financial Sector
In response to recent high-profile outages at major financial services firms, regulators have implemented new requirements designed to encourage more effective risk management practices. This webinar explores these changing requirements and provides guidance on managing regulatory compliance.
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DORA's Impact on the Future of Digital Infrastructure
The European Commission published the first draft of DORA on 24 September 2020. Recognizing DORA as a landmark piece of regulation with wide reaching impacts for the digital infrastructure sector, Uptime Institute worked quickly to establish a group of 20 premier financial institutions from across the world to form our Financial Sector: Program Design Partners group.
The goal of the Program Design Partner group was to work together and design a standardized approach to help the financial sector better assess and mitigate outage risk across their IT estate, wherever it was deployed. Uptime worked closely with this group for two years – reviewing their internal assessment protocols around digital resiliency and analyzing over 20 data center and commonly applied financial sector standards, regulatory requirements related to digital infrastructure. The outcome of this collaboration is a new meta standard and protocol that enables financial sector institutions to assess and better manage core digital infrastructure risk, while remaining compliant with current and future regulations.
The goal of the Program Design Partner group was to work together and design a standardized approach to help the financial sector better assess and mitigate outage risk across their IT estate, wherever it was deployed. Uptime worked closely with this group for two years – reviewing their internal assessment protocols around digital resiliency and analyzing over 20 data center and commonly applied financial sector standards, regulatory requirements related to digital infrastructure. The outcome of this collaboration is a new meta standard and protocol that enables financial sector institutions to assess and better manage core digital infrastructure risk, while remaining compliant with current and future regulations.
The Introduction of SCIRA-FSI
In 2022, Uptime Institute announced its Standardized, Comprehensive Infrastructure Risk Assessment for Financial Sector Institutions (SCIRA-FSI). SCIRA-FSI helps financial sector organizations assess the operational resilience of their critical digital infrastructure across enterprise-owned data centers, multi-tenant data center service providers, cloud, IT, and managed service providers.
To learn more about this assessment and how it can help financial sector institutions better prepare for and comply with operational resiliency and DORA regulations, visit our SCIRA-FSI overview page. If you would like to speak with our SCIRA-FSI specialists, complete the contact form and one of our SCIRA-FSI specialists will follow up with you.
Uptime Institute has completed over 250 digital infrastructure assessments, certifications and reviews with leading financial firms over our 25 year history – and we look forward to helping you navigate the DORA regulations poised to impact the digital infrastructure industry across Europe for the next decade and beyond.
To learn more about this assessment and how it can help financial sector institutions better prepare for and comply with operational resiliency and DORA regulations, visit our SCIRA-FSI overview page. If you would like to speak with our SCIRA-FSI specialists, complete the contact form and one of our SCIRA-FSI specialists will follow up with you.
Uptime Institute has completed over 250 digital infrastructure assessments, certifications and reviews with leading financial firms over our 25 year history – and we look forward to helping you navigate the DORA regulations poised to impact the digital infrastructure industry across Europe for the next decade and beyond.
Partner to the World's Leading Financial Sector Institutions
Uptime Institute has completed over 250 projects with the world's leading Financial Sector Institutions.
Our SCIRA-FSI product represents a new offering to this sector, founded on decades of experience in helping FSIs design, build, operate and assess their critical digital infrastructure.
Our SCIRA-FSI product represents a new offering to this sector, founded on decades of experience in helping FSIs design, build, operate and assess their critical digital infrastructure.