The interconnected financial services ecosystem in Europe is on the brink of significant transformation. The European Supervisory Authorities (ESAs) are gearing up to enforce the Digital Operational Resilience Act (DORA) – and that’s about to change the day-to-day operations of Information and Communication Technology (ICT) Third-Party Providers (TPPs) who service the financial sector.
The unfortunate reality of today’s IT operations is a ceaseless onslaught of vendor software updates and bug reports. The goal of operational efficiency often becomes a high-stakes gamble of weighing the time required to find all the critical bugs against the countless other priorities. After all, if a bug impacts a critical system, the cost of outages and downtime can be staggering.
Operational resilience is a crucial concept that continues to shape the relationship between business and technology. It’s a cornerstone of IT Operations, guiding how organizations perceive and approach risk by being proactive and prepared.
Modern business is deeply intertwined with technology. While this fosters an efficient environment, it also naturally brings risk. Our reliance on technology means now, more than ever, hardware and software bugs can wreak havoc on a company’s operations and reputation. Not to mention the cost of outages and prolonged application downtime!
Operational disruptions are harmful – both in terms of cost and reputation. In the financial world, the stakes are even higher. People who invest in a fiduciary to manage and maintain their finances put an enormous amount of trust in those firms. As a financial services provider, do you really want your reputation to be one of unreliability? It’s safe to say the answer is no.
Risk management in today’s world is complex – and the cost of outages increases every year. Too many organizations are exposed to operational risks in the form of dynamic software vulnerabilities. This reality poses an enormous challenge – especially for enterprises, because in order to remain industry leaders, they must lower their IT risk and maintain a competitive edge.
BugZero, the only commercially available solution driving Operational Resilience by focusing exclusively on IT vendor operational defects, today announced a new partnership with CrushBank, a leader in artificial intelligence (AI) knowledge management systems. This collaboration is poised to significantly enhance IT service stability and quickly resolve IT disruptions across CrushBank’s portfolio of clients.
In an organization’s technology stack, operational defects – commonly known as software bugs – can range from minor inconveniences to a full-blown crisis that jeopardizes your entire business.
Operational defects, otherwise known as software bugs, can disrupt the flow of business, cause reputational damage, and cost millions in financial impact. The challenge in avoiding these negative impacts arises from disjointed ITOps, Sec, and Dev processes, disparate vendor bug management, and a lack of consolidated risk management.
As the world continues to rapidly digitize, many organizations face new operational challenges. These challenges have real-world consequences. Consider the 2023 FFA systems failure: an internal systems error that resulted in thousands of flight delays globally, which led to millions of dollars lost for both airlines and their countries.
Operational resilience remains one of the top priorities for regulators and leaders around the world. But keeping track of every new operational resilience regulation that is enacted around the world is no easy task. As an organizational leader, you might be grappling with the constant stream of regulatory updates and tech innovations that could either fortify or compromise your business.
As the enforcement date for the Digital Operations Resilience Act (DORA) approaches, we've been sharing resources to help financial firms and other businesses understand and adapt to the new requirements.
It can be frustrating when you encounter a software bug and must research through many long, technical threads to find a solution. When digging through message boards and bug tracker threads, it’s common to wish for something to simply hand you the answer you’re looking for. Or, at the very least, to structure and summarize the data you are manually parsing.
The Digital Operational Resilience Act (DORA) is a first-of-its-kind regulation in the EU. DORA was published in 2023 to regulate financial services and insurance firms operating in the European Union. This includes many US firms with operations in the EU. For a comprehensive list of industries that will be subject to DORA, see Chapter 1, Article 2 of the DORA regulation.
The Digital Operational Resilience Act regulation marks a significant shift in the landscape of IT operational risk. This new EU legislation is focused on IT Operational Resilience. It brings into scope Critical Third Party Providers and requires public reporting of all incidents, in addition to fines. The DORA regulation enforces this via policies that aim to ensure the maintenance of high standards of availability, authenticity, integrity, and confidentiality.
It’s no secret that IT systems are most at risk during change. But how can you help your IT team improve their change management maturity and elevate risk awareness during these changes? In this article, we’ll describe how new solutions are challenging the status quo of IT change management, helping your organization lower its risk.
No software is perfect. But when a software has defects, it can cause outages with a costly aftermath. That software might be storage controller firmware, it may be running your network infrastructure, or it could be your critical enterprise applications. Those defects might be security vulnerabilities, or they may be operational defects, more commonly known as bugs.
ITIC’s latest research shows the Hourly Cost of Downtime now exceeds $300k for 91% of mid-market, and large enterprises. Overall, 44% of mid-sized and large enterprise survey respondents reported that a single hour of downtime can cost their businesses over $1M.