Nextgen Software equips you for DORA compliance

Calling all financial institutions operating in the EU!

Brace yourselves for the Digital Operational Resilience Act (DORA) set to roll out from January 17, 2025.

For who:

DORA applies to a wide spectrum of financial entities, banks, insurance, investment firms and even non-traditional players like crypto-asset service providers and crowdfunding platforms.

Why now:

Why immediate action is CRITICAL by beginning of 2025? Failure to comply may result in fines and penalties.

Monetary Penalties:  fines up to 1% of the total annual turnover in the preceding financial year.

Operational Restrictions or even suspension of certain activities.

Reputational Damage: can be irreversible, affecting stakeholder trust and market position.

What does DORA cover?

  1. Proactive ICT Risk Management 
  2. ICT Third-Party Risk Management, including key contractual provisions. 
  3. Digital Operational Resilience Testing, to ensures readiness to potential disruptions. 
  4. ICT-Related Incidents Reporting to competent authorities for transparency and response. 
  5. Information Sharing: exchange of cyber threat intelligence helps against evolving threats.
  6. Oversight of Critical Third-Party Providers, especially relevant for Cloud service providers.

Benefits:

Getting on board with DORA regulations brings immense benefits for your organization:

  1. Enhanced security and resilience to withstand, respond to and recover from ICT-related disruptions
  2. Reduced risk to critical infrastructure caused by cyberattacks or ICT failures
  3. Protection of sensitive data to mitigate the risks of unauthorized access and data leakage
  4. Alignment with international regulations for accessing comprehensive cyber coverage

COMPLIANCE ROADMAP: If you haven’t started yet, act now!

Implementation Challenges:

Smaller Financial Entities will face significant workload.

Larger Financial Entities with robust compliance functions have a head start, but still face complexity.

Financial Entities should:

  1. Assign specific roles for incident response
  2. Develop methods for categorizing and prioritizing risks

How can we help you?

CYBERQUEST (SIEM) for Centralized Logs & Security Monitoring,  enabling to quickly identify & address potential vulnerabilities & threats (based on UEBA functionality).

Our NETALERT (NDR) for network Advanced Threat Detection & Incident Response.

 

Get now real-time monitoring, threat detection and comprehensive security analytics.

Automated Compliance Reporting with our SOAR tools to ensure accurate & timely documentation.

Take Action Now – Secure Your DORA Compliance with CYBERQUEST and NETALERT!

Need assistance in implementing DORA requirements?

Reach out to us at office@nextgensoftware.eu for DORA news & guidance tailored to your needs.

Our products are designed to assist you to strengthen your digital resilience.

Stay tuned for more updates & insights on DORA regulation and compliance steps for you.

Ready to Elevate your CYBER Defense?

SIEM – SOAR – UEBA – NDR  by Nextgen Software