The Forrester Wave™: Cybersecurity Risk Ratings Platforms, Q2 2024
DORA: Compliance made easy, cyber resilience made possible.
The Digital Operational Resilience Act (DORA) is a new cybersecurity regulation aimed at countering the speed and scale of cyber threats in the financial services sector. The compliance curve will be steep. We can help.
DORA Resources
Outcomes
Adhere to all aspects of DORA
SecurityScorecard offers a comprehensive solution for adhering to all major aspects of DORA, enabling your organization to minimize ICT risk exposures, build a resilient digital supply chain, and avoid non-compliance penalties.
- ICT risk management
- Incident reporting
- Digital operational resilience testing
- ICT third-party risk management
- Sharing of information and intelligence
5 Steps to Prepare your Organization for DORA
Read More1 : Know your third-party risks
DORA will mandate that third-party risk be managed as an integral component of overall ICT risk, to ensure that providers will support your firm in the event of a cybersecurity incident and adhere to tighter security standards. As a result, organizations should regularly assess and monitor these relationships in order to gain instant visibility and keep an eye on red flags and the providers who are critical to the supply chain.
Our flexible third-party risk management solution enables quick and accurate control of risk across your entire digital ecosystem. This 360-degree view into the cyber posture of third-party vendors, directly supports DORA’s focus on third-party risk management.
2 : Have the tools ready for reporting
Under DORA, financial institutions are required to report ICT-related incidents to regulators in a timely manner. The following details should be reported: the number of users affected; the amount of data lost; the geographical spread; the economic impact; and more. This plan should also include a detailed description of how employees will respond in the event of a cyberattack, and how operations will be restored if such a breach occurs.
SecurityScorecard’s reporting platform can help you efficiently detect, analyze, and report incidents, offering a streamlined solution for organizations seeking to maintain DORA compliance. Get direct access to elite incident response experts, ready to support with triaging, recovering from, and responding to cyber incidents.
3 : Enable continuous monitoring
Continuous monitoring of your cybersecurity posture will keep your organization informed of potential risks so that it can quickly address any issues that arise. This includes regularly monitoring and evaluating the security posture of your third-party vendors to identify any changes or vulnerabilities that may impact your organization’s overall risk profile.
SecurityScorecard’s platform enables continuous monitoring of your cybersecurity posture by employing automated threat detection. This aligns with DORA’s requirements for ongoing risk management and incident reporting.
4 : Establish a risk management framework
Organizations must develop and implement a comprehensive ICT risk management framework as part of their overall risk management system. Having a platform in place that can help develop, implement, and monitor this framework will address regulatory requirements, while cybersecurity ratings will provide a quantitative, data-driven assessment of your organization’s cybersecurity posture.
Our comprehensive Enterprise Cyber Risk Management solution can help you stop cyberattacks before they happen. And our security ratings provide a data-driven assessment of an organization’s cyber health so you can manage cyber risk and comply with DORA’s ICT risk management requirements.
5 : Conduct regular resilience testing
DORA requires relevant entities to regularly test their cyber resilience, which can include conducting vulnerability assessments, penetration tests, red teaming, tabletop exercises, and more. Staying proactive will help to identify and mitigate potential risks while ensuring business continuity in the event of a cyber incident.
SecurityScorecard’s threat intelligence capabilities can proactively identify and mitigate potential risks, supporting DORA’s emphasis on resilience testing and incident reporting.
Additional DORA tips
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Get your board on board
DORA places responsibility for cybersecurity on the shoulders of the board. A company’s board must ensure that these protocols, policies, and tools are enforced. Failure to do so could result in fines or reputational damage. So make sure management is on the same page, and understands the importance of DORA.
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Bring in multiple teams
Cybersecurity is no longer just an ICT issue, which means that compliance with DORA shouldn’t be the sole responsibility of the CISO. Involving legal, compliance, risk management, and other relevant teams from the start will ensure your company can meet the DORA requirements faster and more efficiently.
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Get ready now
Firms should start planning now for how to align with the new regulations. Most firms that fall under DORA’s scope no doubt have some of these policies and protocols in place, but this is an opportunity to streamline cybersecurity and become more cyber resilient.
Requirements & Solutions
ICT risk management
Requirement
Financial entities must have internal governance and control frameworks that ensure effective and prudent management of all ICT risks to bring about a high level of digital operational resilience.
Solution
SecurityScorecard provides the industry’s most comprehensive Enterprise Cyber Risk Management solution that allows you to spot vulnerabilities and better prevent cyberattacks from happening.
ICT-related incident reporting
Requirement
DORA requires financial entities to
implement a process for notifying regulators of ICT-related incidents, sometimes within hours of detection, with a set of specific criteria including number of users affected, criticality and impact on systems, and a view of actual costs and loss due to the incident.
Solution
SecurityScorecard offers direct access to highly-skilled and elite incident response experts who are standing by and ready
to support your organization with triaging, recovering from, and responding to
cyber incidents.
Digital operational resilience testing
Requirement
DORA introduces the principles of a comprehensive testing program that assesses and identifies weaknesses, deficiencies, or gaps in your digital operational resilience with requirements that tests be performed by independent evaluators every three years.
Solution
Make your organization cyber resilient with a range of proactive services that battle-test your security controls, identify gaps in your attack surface, and enhance your ability to defend against cyberattacks.
ICT third-party risk management
Requirement
DORA mandates management of third-party cyber risks and defines a set of key principles for financial entities to achieve sound management and robust contractual relationships with ICT third-party service providers.
Solution
SecurityScorecard provides the industry’s most flexible third-party risk management solution, allowing quick and accurate control of risk across your entire digital ecosystem, including third parties and supply chains.
Information sharing
Requirement
DORA promotes information-sharing arrangements among financial entities for raising awareness of cyber threat information and intelligence, including indicators of compromise, tactics, and cyber security alerts.
Solution
SecurityScorecard collaborates with industry groups to help their members understand and secure their environments, the suppliers and vendors they rely on to run their businesses, and the collective supply chains they form.
