Braving the Digital Wilderness: How DORA will Push Financial Firms to Enhance Operational Resilience

James Dodson
Commercial Manager for Financial Services

January 2025 will mark a new era for financial services, as entities across the EU must comply with the Digital Operational Resilience Act (DORA) - a sweeping regulation aimed at fortifying the sector against disruptions from cyber threats, tech failures and other operational risks.

Braving the Digital Wilderness: How DORA will Push Financial Firms to Enhance Operational Resilience

To thrive in this soon-to-be-regulated digital wilderness, financial firms must prepare for the journey ahead. By mapping critical systems, packing cybersecurity essentials, planning for incidents, vetting third-parties, consulting regulatory guidance, and getting help from experts, financial entities can optimise their operational resilience.

So what should financial firms keep in mind as they plan their DORA compliance strategy? Alongside Avaya and Baringa, we’re hosting a DORA focused event at The Walbrook Club in London on Tuesday, July 16th to discuss just that – you can register here.

In the meantime, here are some key considerations:

Chart Your Digital Terrain

Financial entities will need to thoroughly map their critical ICT systems, services and interconnections. This provides visibility into operational vulnerabilities.

Assemble Your Cyber Tools

Robust cybersecurity measures will be crucial on this digital trek. Financial firms need strong access controls, network segregation, encryption and other safeguards against cyber risk. Regular cyber "check-ups" are also key.

Pack an Incident Response Kit

Financial firms need detailed playbooks for incident response, disaster recovery, and resuming operations ASAP. Tests will verify effectiveness.

Choose Third-Party Guides Wisely

Most financial services organisations will need to rely heavily on third-party tech providers. Careful due diligence is essential to ensure these guides can handle the rocky digital terrain ahead.

Study Your Regulatory Trail Map

DORA requirements will vary across financial subsectors - so consulting the regulatory guidance will be key. Firms should review relevant rules to inform their compliance and resilience strategies.

Take a Risk-based Approach

By evaluating surroundings for biggest risks, you can set priorities. DORA allows firms to take a risk-based approach and focus on shoring up high-impact, high-risk systems and services first.

Get Backup from Experts

If you’re a financial firm trying to prepare and make sense of the upcoming regulations, then you can turn to experienced partners – such as our team at Sabio Group - to guide you on your DORA journey.

At Sabio, we’ve already helped optimise contact centre continuity for major financial institutions through:

Consulting on disaster recovery and business continuity planning

Provisioning secondary cloud contact centre capability

Facilitating accelerated cutover testing

Supplying expertise honed through recent DR/BC projects with major global insurance firms, pensions providers and international credit card specialists.

With seasoned partners providing backup, financial firms can confidently navigate the DORA wilderness and maintain resilient customer-facing operations no matter what challenges arise.