In the previous blog, we discussed the urgency of Digital Operational Resilience Act (DORA) compliance, the common challenges organisations face, and how ITC’s unique capabilities and integrated delivery model make us a trusted partner in achieving cyber resilience.
In this second part, we will delve into the specific steps organisations can take to navigate the path to DORA compliance and how ITC’s expertise and service excellence ethos can help overcome obstacles and achieve compliance goals efficiently and effectively.
The five pillars of DORA: A refresher
Before diving into the steps for compliance, let’s quickly recap the five pillars of DORA:
- ICT Risk Management
- ICT-Related Incident Reporting
- Digital Operational Resilience Testing
- ICT Third-Party Risk Management
- Information Sharing
For more information on the five pillars of DORA, please read our previous blog.
Step 1: Assess your current compliance posture
The first step in achieving DORA compliance is to conduct a thorough assessment of your organisation’s current compliance posture. This assessment should encompass a comprehensive evaluation of your ICT risk management framework, incident reporting processes, resilience testing practices, third-party risk management strategies, and overall governance structure.
When conducting your assessment, it’s crucial to consider the global nature of DORA’s impact. Organisations offering financial services within the EU or providing third-party ICT services to EU financial service companies, regardless of their location, must ensure their compliance efforts align with DORA’s requirements.
ITC’s cyber assessment service provides organisations with a deep understanding of their compliance gaps and vulnerabilities. By leveraging advanced analytics and benchmarking capabilities, organisations can gain actionable insights into their cyber security maturity and prioritise areas for improvement. This assessment may involve reviewing existing policies, procedures, and controls, as well as conducting penetration testing and vulnerability assessments to identify potential weaknesses.
Step 2: Develop a comprehensive compliance strategy
Once you have a clear picture of your current compliance posture, the next step is to develop a comprehensive compliance strategy that aligns with DORA’s requirements and your organisation’s unique business objectives. This strategy should encompass a roadmap for addressing identified gaps, implementing necessary controls, and establishing a robust governance framework.
ITC’s advisory services provide valuable guidance and subject matter expertise to help organisations craft an effective compliance strategy. Our team of experienced consultants works closely with customers to understand their specific needs and challenges, ensuring that the compliance strategy is tailored to their unique circumstances and aligned with industry best practices.
Step 3: Implement robust controls and processes
With a comprehensive compliance strategy in place, organisations must focus on implementing the necessary controls and processes to meet DORA’s requirements. This includes establishing a robust ICT risk management framework, implementing effective incident reporting mechanisms, conducting regular resilience testing, and managing third-party risks.
ITC’s technical consultancy services offer the expertise and support necessary to implement best-in-class controls and processes. Our skilled technicians and engineers work hand-in-hand with customers to ensure that the implementation is seamless, efficient, and aligned with industry best practices and standards.
Step 4: Continuously monitor and improve
Achieving DORA compliance is not a one-time event, but rather an ongoing process of continuous monitoring and improvement. Organisations must regularly assess their compliance posture, identify emerging risks and vulnerabilities, and adapt their strategies accordingly.
Our managed services, including the cutting-edge ITC Pulse MXDR powered by Microsoft, provide organisations with the ongoing support and vigilance necessary to maintain a robust compliance posture. By leveraging advanced threat detection and response capabilities, our managed services help organisations stay one step ahead of evolving threats and ensure that their compliance measures remain effective over time.
The ITC difference
Throughout the DORA compliance journey, ITC stands out as a partner of choice for organisations seeking to navigate the complexities of the regulatory landscape. Our integrated delivery model, combining advisory, technical, and managed services, ensures that customers receive end-to-end support and guidance, from initial assessment to ongoing management.
ITC’s distinctive edge lies in our holistic approach to cyber security, seamlessly blending technical expertise with an unwavering commitment to customer success. Our dedication to service excellence forms the cornerstone of our partnerships, earning industry recognition through prestigious awards and consistently high client satisfaction. This is further reflected in our strong Net Promoter Score (NPS), which continues to excel year after year.
ITC understands that achieving DORA compliance is not just a technical challenge but also a business imperative. We prioritise building long-term, strategic partnerships with customers, working tirelessly to understand their unique needs and challenges, and providing customised solutions that deliver measurable results.
Our team of highly skilled professionals, including award-winning cyber advisors, technical consultants, and managed services experts, bring a wealth of experience and knowledge to every engagement. By combining deep expertise with a customer-centric approach, they help organisations achieve their compliance goals while driving business value and competitive advantage.
Furthermore, our proprietary tools and methodologies, such as ITC Pulse MXDR, provide organisations with cutting-edge capabilities necessary to stay ahead of evolving threats and maintain a robust compliance posture. These tools, coupled with strategic partnerships with industry leaders like Microsoft, ensure that customers have access to the latest technologies and best practices in the cyber security space.
Seizing the opportunity
As the DORA compliance deadline approaches, now is the time for financial institutions globally to take decisive action. By prioritising compliance efforts and partnering with a trusted advisor like ITC, organisations can not only meet regulatory requirements but also position themselves for long-term success in an ever-evolving threat landscape.
By leveraging ITC’s unique capabilities, integrated delivery model, and commitment to service excellence, financial institutions can navigate the path to DORA compliance with confidence and unlock the full potential of a resilient, secure, and future-ready organisation.
For more detailed information on DORA compliance and how ITC can support your organisation, download our Rapid Readiness Assessment flyer.
