Countdown to DORA: With TrustCloud, there’s still time

On 17 January 2025, the Digital Operational Resilience Act (DORA) comes into force following a lengthy legislative process. This EU regulation mandates financial institutions to ensure operational continuity in the face of cyber and technological risks. As the deadline approaches, institutions must swiftly adapt to meet the requirements of this new framework.

T

he TrustCloud platform streamlines the adaptation process, enabling compliance with DORA in record time and serving as a vital tool to avoid the consequences of non-compliance. 

The DORA timeline 

• 2020: We have been hearing about the DORA regulation since 2020, when the European Commission made its first proposal. The regulation was driven by the need to address the risks associated with the growing digitalisation of the financial sector. Its development responded to concerns that financial institutions were increasingly relying on third-party technology and digital service providers, which increased vulnerability to potential failures or cyberattacks. DORA is the result of a collaborative effort between European authorities to ensure that financial institutions can maintain service continuity and protect the integrity of their operations against potential disruptions. 

• December 2022: The regulation was officially published in the Official Journal of the European Union. From early 2023, financial institutions began preparing for its implementation. 

• 2023 – 2024: As the key 2025 deadline approached, European Supervisory Authorities (ESAs) worked on drafting the Regulatory Technical Standards (RTS), which provide more specific details on compliance requirements. These guidelines were published in the spring of 2024, marking the transition to a more intensive implementation phase for financial institutions, which must ensure they are ready for DORA to come into force on 17th January 2025. 

• 2025: Institutions must achieve DORA compliance by this date. While the regulation was announced in 2022, the implementation deadlines are tight. A noteworthy point is that, according to a Deloitte survey, only 29% of financial institutions had developed a roadmap to comply with DORA by mid-2022. Many organisations did not take action until 2023, and some only began in 2024. 

Challenges for DORA compliance 

Compliance with DORA presents several challenges for financial institutions. One of the most prominent is the need for regular reviews of the risk management strategy in relation to ICT service providers. Institutions must ensure that their approach to managing outsourcing risks aligns with DORA’s requirements, adapting it as the digital and cyber environment evolves. 

Another significant challenge is the implementation of an effective process to verify the compliance of providers before the contracting phase. Institutions must establish robust procedures to ensure that all providers meet the security, privacy, and operational resilience requirements mandated by DORA. This includes reviewing the providers’ capabilities in terms of service continuity and their ability to manage security incidents. 

Additionally, DORA requires institutions to draft detailed contracts with their providers, including specific clauses related to cybersecurity, service continuity, and the management of operational risks. TrustCloud streamlines this process, ensuring that contracts are comprehensive and aligned with regulatory requirements. 

Finally, institutions must develop multi-provider strategies to mitigate the risk of reliance on a single provider. This involves conducting regular assessments of the concentration risk in their relationships with external providers. 

How TrustCloud helps institutions comply with DORA in 4 weeks 

TrustCloud enables comprehensive DORA compliance by offering a platform that automates and simplifies many aspects that institutions must manage to align with the regulation. DORA requires financial institutions to manage the risks associated with the outsourcing of ICT (Information and Communication Technology) services more rigorously. With TrustCloud institutions can integrate multiple providers into a unified platform, making it easier to monitor and manage contracts, as well as verify that all providers meet the security and resilience requirements set by the regulation. 

TrustCloud ensures that institutions maintain continuity of operations, even in the event of a failure with one of their technology providers. Through continuous monitoring, TrustCloud enables institutions to detect and manage incidents before they impact operations. Furthermore, its platform allows for quick rerouting to alternative providers in case of failures, minimising the impact on daily operations. 

A key feature for meeting DORA requirements is traceability and continuous auditing. TrustCloud provides a system that ensures the traceability of all digital transactions carried out by the institution, offering real-time audit logs. This is essential for ensuring the transparency and security of operations, two central aspects of the regulation. 

The best part is that TrustCloud’s Platform can be integrated in 3 to 4 weeks, allowing companies to comply with DORA in a short period of time. 

Relationship with technology service providers under DORA 

One of the core aspects of DORA is the management of risks associated with technology service providers. TrustCloud facilitates this task by establishing a well-defined Service Level Agreement (SLA), which acts as a crucial enabler to ensure that relationships with multiple providers are managed efficiently and in a coordinated manner. The Agreement sets clear expectations regarding performance, availability, and response times for each provider, allowing the company to have full control over the behaviour of each player within its digital ecosystem. 

The DORA regulation also emphasises the importance of avoiding reliance on a single provider (or Vendor Lock-in), which could pose a risk in the event of operational failures. TrustCloud is based on a decentralised and agnostic architecture, enabling it to deploy multiple providers to execute a specific transaction or use case, without any limitations. This allows institutions to efficiently manage several providers, assessing and mitigating concentration risks, and ensuring that operations can continue without interruptions, even if one of the providers encounters difficulties. 

Benefits of implementing TrustCloud for DORA compliance in just 4 weeks 

One of the main benefits of using TrustCloud is its ability to help institutions meet DORA requirements quickly and efficiently. The platform can be activated in as little as 4 weeks, allowing institutions to comply with the regulation within the established timeframe. TrustCloud offers tailored solutions for each organisation, adapting to their specific needs and ensuring that DORA compliance is as streamlined as possible. 

Additionally, TrustCloud is aligned with the highest security and privacy standards. The platform holds recognised certifications such as ISO 22316, NIST 800-63, and LINCE, which support its ability to protect information and ensure the resilience of operations. 

TrustCloud not only helps financial institutions meet the stringent requirements of the DORA regulation but also provides a comprehensive solution for managing operational and cyber risks in the complex digital environment of today. 

Thanks to its advanced capabilities, TrustCloud ensures that institutions can maintain the continuity of their services and protect the security of their operations, which is essential as DORA’s entry into force is just around the corner. 

Contact TrustCloud now and avoid consequences for non-compliance