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Gratte-ciel

Digital Operational Resilience Act (DORA)

In November 2022, the Council of the European Union and the European Parliament formally adopted the Regulation (EU) 2022/2554 on Digital Operational Resilience Act for the financial sector (DORA). The DORA creates a binding comprehensive information and communication technology (ICT) risk management framework for the EU financial sector. The DORA establishes technical standards that financial entities and their critical third-party technology service providers must implement in their ICT systems on January 17, 2025.

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To summarise, DORA is your ICT Risk Management Framework:

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Dora encompasses 4 pillars: 

  • ICT Risk Management Conduct comprehensive risk assessments for internal and external ICT systems. Implement real-time monitoring tools to identify and mitigate vulnerabilities, such as unauthorized data access or software breaches. Our DORA software provides automated risk assessments and continuous compliance tracking for financial institutions in Luxembourg.

  • ICT Incident Management
    Establish automated incident escalation processes to comply with DORA. For instance, a ransomware attack triggers immediate notification to stakeholders and regulators. Document incident resolutions for regulatory audits.
    With our DORA compliance software, organizations in Luxembourg can automate incident reporting and maintain a structured approach to cybersecurity resilience.

  • Digital Testing
    Our DORA software enables financial entities in Luxembourg to perform advanced penetration testing and continuous security monitoring. Simulate potential cyberattacks, such as phishing or DDoS scenarios, to assess your system's resilience. Regularly update security protocols based on test outcomes.

  • Third-Party Risk Management
    Evaluate suppliers with a robust due diligence framework, ensuring they meet DORA standards. Verify data encryption practices and security certifications before establishing partnerships.

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DORA full scope requires to respond to 250 criteria.​

Industry Standard Solutions

Scope Analysis

Determine the scope, Identify stakeholders and deliverables and assign deliverables to stakeholders

Compliance Tracker 

Presentation of the results and the adherence scheme of the client ICT Risk Framework to the DORA requirements 

Gap Analysis

Assess the gap between your current framework and requirements of DORA

Remediation

Presentation of a remediation action plan on governance and operational aspects

Thot IT Added Value

  • What is RegCover, and how does it help with compliance?
    RegCover is an automated compliance platform designed for financial institutions, streamlining adherence to DORA and outsourcing regulations through real-time monitoring, reporting, and centralized data management.
  • Who can benefit from using RegCover?
    Any organization subject to DORA or outsourcing regulations, including banks, insurance companies, and investment firms, can benefit from RegCover’s efficiency.
  • What are the key features of RegCover?
    RegCover offers automated reporting, centralized compliance data, real-time monitoring, and continuous updates to align with regulatory changes.
  • How does RegCover save costs?
    The platform can reduce compliance costs by up to 40% by automating manual tasks and streamlining processes.
  • Where is RegCover hosted, and is it secure?
    RegCover is hosted on Microsoft Azure, ensuring that data remains within Europe and complies with strict security standards.
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