A well-publicised IT incident made significant waves across the world, leading to various system outages that impacted a range of companies. The incident affected businesses of all sizes, across all industries. But for the financial sector, the timing could not have been more apt as regulated firms are well underway with their preparations for the Digital Operational Resilience Act (DORA), an EU regulation that focuses on enhancing operational resilience across the financial ecosystem and ensuring that firms are able to prepare for, withstand and recover from ICT incidents.
For those preparing for DORA, we have prepared a flow chart outlining the key regulatory obligations that a financial entity will need to bear in mind in the event of being impacted by a similar major outage in future.