It is imperative that companies get their digital infrastructure and processes in order as digital threats make IT failures increasingly common. The Digital Operational Resilience Act (DORA) plays a central role in this, with a specific focus on financial institutions. In this blog, we explore what DORA entails, why it matters, and how Filecap can support companies in complying with these regulations.
What is DORA?
DORA, or the Digital Operational Resilience Act, is a new European regulation aimed at strengthening the operational resilience of financial institutions. This legislation aims to improve the digital resilience of banks, insurance companies and other financial service providers. DORA focuses on minimizing risk by managing cyber threats and IT failures so that financial services remain reliable and secure, even during digital crises.
Why is DORA Important?
- Protecting against cyber threats
Cyber attacks are becoming more sophisticated and frequent. DORA provides a framework that helps companies improve their security by tightening security measures. This is important to protect customer data and prevent financial losses. - Continuity of services
For financial institutions, continuity of services is indispensable. Interruptions can not only cause financial losses, but also damage customer confidence. DORA helps ensure that services remain operational even during IT failures or cyber attacks. - Compliance and trustBy complying with DORA, companies demonstrate their commitment to the highest standards of digital security and business integrity. This increases the trust of customers, partners and regulators in the marketplace.
How Does Filecap Help with DORA Compliance?
Filecap is an advanced solution for secure file sharing and communication, and can play an important role in meeting DORA requirements. Here are some ways Filecap can help:
- Secure file sharing
Filecap allows companies to securely share sensitive information both internally and externally. This reduces the risk of data breaches and ensures that only authorized individuals have access to important data. - Encryption and Security
Filecap uses advanced encryption technologies to protect data both during transmission and at rest. This meets the stringent security requirements set by DORA. - Audit and monitoring
With Filecap's comprehensive audit and monitoring capabilities, companies can detect suspicious activity and respond quickly to potential breaches. This is an essential part of the operational resilience required by DORA. - Usability Filecap offers a user-friendly interface, allowing employees to work easily without sacrificing security. This promotes a culture of compliance and awareness within the organization.
Status of DORA
DORA, a proposal by the European Commission, has been approved by the European Parliament and the Council of the European Union. The general objectives have been set, but the detailed guidelines and implementation mechanisms are still being worked out by the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).
While the basic principles are established, the specific technical standards are still evolving. The legislation will take effect in January 2025, and financial institutions are encouraged to proactively prepare for the new requirements and strengthen their digital resilience.
FileCap: More than software
DORA is a step forward in improving the IT resilience of financial institutions within the EU. By complying with DORA regulations, companies can not only strengthen their own security, but also increase the trust of their customers and partners. Filecap offers a solution with a strong focus on security, continuity and ease of use. With Filecap, you are ready for the future. We would like to help you make the right choice for your organization when it comes to secure communication. Through our website you can request a no-obligation demo or trial.
