On Nov. 13, CYP SEC informed of key aspects re DORA application.
CYP SEC issued an informative document with keys aspects re DORA implementation.
Follows EU CNCL Dec. 2022 final Dir 2022/2556 and Reg 2022/2554 on digital operational resilience for the financial sector in the Official Journal, see #137568.
Main Points
Presentation of legal framework; call for entities to be updated with new developments via the European Supervisory Authorities (ESAs) websites; DORA's application scope.
Motivation and justification of the framework; proportionality principle's application.
Main areas of DORA reg; ICT-related incidents; digital operational resilience testing.
ICT third-party risk; information sharing; oversight of critical third-party providers.
Effectiveness
The regulation entered into force on Jan. 16, 2023 and applies as of Jan. 17, 2025.
