Architecture, Compliance, and Security
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.
DORA, set to be fully enacted by January 2025, will represent a paradigm shift in operational resilience for all EU financial service companies and their third-party providers.
For those who may have missed it, our whitepaper "Preparing for DORA: Building Operational Resilience into Your Continuous Compliance Framework" offers a deep dive into these upcoming changes.
The content details the timeline of DORA and its broad implications, offers strategies to mitigate the risk of costly outages, and provides suggestions to improve internal workflows. It also explains one of the most overshadowed IT risk factors that DORA addresses. This resource serves as a guide to not only meet, but exceed, the requirements of this pivotal regulation.
One notable aspect highlighted in the whitepaper is DORA's insistence on the shift from traditional static compliance models to a dynamic approach that demands ongoing, continuous compliance. This necessitates firms to rethink their IT risk management strategies, moving to a more resilience-focused approach.
DORA underlines the need for businesses to improve their risk reporting capabilities. This whitepaper discusses the importance of creating processes for accurate, timely reporting of IT risk. This will help firms to proactively manage risks in order to avoid potential penalties and the shame of publicly reported incidents.
The report also addresses the issue of minimizing service disruptions – a critical aspect of DORA's mandate – by improving the reliability of IT infrastructure. The insights provided will guide firms in understanding DORA's broader strategic objectives and integrating them into their operational models.
The essence of DORA, as the whitepaper highlights, is about being proactive rather than reactive. By understanding the requirements in advance and incorporating them into an integrated compliance framework, financial entities and other companies can enhance their operational resilience and be prepared for this significant change.
If you haven't already, we encourage you to read the whitepaper and start your journey towards DORA readiness today.
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.