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Digital Operational Resilience Act (DORA) Compliance Guide
Why is DORA important?
Financial service providers face significant risks.
DORA seeks to enhance cyber resilience through two main strategies:
- Manage ICT risks for financial institutions comprehensively
- Unify risk management regulations into a single, cohesive framework
Previously, EU regulations primarily concentrated on ensuring that financial firms maintained sufficient capital to address operational risks and disruptions. Some regulators issued guidelines on ICT risk management, but these were not uniformly applied to all entities. Additionally, they were based on general best practices rather than specific technical standards.
In the absence of a unified oversight framework, each EU Member State established its own requirements. This resulted in a complex web of disjointed regulations that cross-border enterprises found difficult to navigate.
DORA addresses this issue by implementing a single set of rules for all covered entities, regardless of their location within the EU. By standardizing risk management in the financial sector, DORA reduces confusion and elevates the standards for ICT security and business continuity.
DORA Readiness Step-by-Step
Step 1
Are you in scope?
Determine whether your organizations - or any of your 3rd party vendors - are subject to DORA.
Remember:
- Not all organizations or vendors are impacted by DORA
- The benefits of DORA are immense for those meeting the requirements
- A partner can help you assess quickly
Step 2
Readiness Assessment
Develop a clear understanding of what steps will need to be taken to meet DORA requirements.
Remember:
- A platform, like Vanta, is designed to drive this process
- Readiness Assessment will inform the level of effort required
- Building your Readiness Assessment in Vanta will expedite execution to DORA
Step 3
Assign Resources
This step involves a calculation of the time, resources, & skills required to meet DORA requirements.
Remember:
- A partner can fill these holes without requiring internal hiring
- Managing resources via Vanta will provide clear visibility into objectives & their completion
- A partner will prioritize the objectives to ensure success
Step 4
Implement & Future Proof
Create an effective framework for DORA governance & compliance. Develop comprehensive ISCs & testing processes.
Remember:
- Compliance is an ongoing challenge - all processes & evidence must be documented & available
- Vanta will enable documentation & storage
- Clear communication & tasks are key to moving through the process effeciently
Step 5
Seamless Reporting & Audit-Ready
Put your processes in an auditable environment to present evidence & demonstrate compliance at any time.
Remember:
- This is exactly what Vanta solves for
- A partner can set up & maintain this to keep you compliant
- Save time & money by outsourcing this process
Budgeting for DORA compliance
How to plan for DORA compliance across your organization
Understanding the costs associated with attaining DORA compliance is a critical step for your organization that should be understood before you begin your journey.
Key Considerations:
- Internal staff time investment (i.e. opportunity cost)
- 3rd party support to expedite the compliance process
- Auditor Costs
- Software to facilitate meeting & maintaining compliance
Internal Staff
DRIs for DORA compliance planning
When considering internal time investment it is important to understand that proper planning will require internal resources. The key players within an org are typically:
- CEO
- CTO
- CRM Administrator
- Technical Support Staff
Estimated Time Investment
Without Partner: 20-40 hours/week
With Partner: 1-4 hours/week
3rd Party Support
Choosing the right partner reduces internal staff requirements
A dedicated partner with the skills to enable evidence collection, documentation, gap analysis, & processes can rapidly accelerate your path to compliance & reduce internal resources. Things to look for:
- Certified expert/partner with Trust Management Platform
- Defined SLAs
- Clear Statement of Work & Timeline
Estimated Cost
Initial Planning: $2,500-5,000
Ongoing: $4,000+/month (varies depending on scope)
Auditor Selection & Cost
Choosing the right auditor is critical to DORA compliance
The auditing phase is the final step before attaining your DORA certification. Selecting a qualified Auditor that is dependable & can work within your timeline is paramount to your successful completion of the DORA compliance process.
Pro Tip: Your Partner should be able to advise & connect you with a good-fit auditor for your organization.
- Price Range: $8,000+ (dependent on overall scope)
- Timeline: generally a 3-6 week window (varies based on overall scope)
Software Selection
The right software can rapidly enhance your timeline to achieve DORA compliance.
When choosing a Trust Management Software, it is important to consider how this will positively impact both your ability to collect evidence, build processes, & document. It is also important to understand the impact this will have on your ability to remain in compliance for the long-term.
We encourage our clients to work within the Vanta platform for both initial compliance & ongoing monitoring. Below we outline why we chose to partner with Vanta & how it has redefined the compliance framework space.
As your trusted Vanta Partner, SOC2 Fast can work quickly to meet the timelines, prepare you for audit, gain & maintain compliance.
Your Vanta implementation partner
Automate your compliance faster with our support & the leading trust management platform.
SOC2 Fast Supported Frameworks
SOC2 Fast offers services around the full-stack of frameworks. Learn more about the timelines supported.