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Your Partner for DORA Compliance

Introduction to the DORA Regulation

The Digital Operational Resilience Act (DORA) is a fundamental piece of legislation from the European Union designed to strengthen the operational resilience of entities in the financial sector through advanced ICT risk management. Aiming to harmonize operational resilience requirements for financial markets within the EU, DORA imposes rigorous measures for risk management, ICT incident reporting, and operational resilience testing.

Its importance extends beyond mere regulatory compliance; DORA is crucial to ensuring that the critical infrastructures of financial organizations can withstand and quickly recover from disruptions caused by cyber incidents or technological failures. Additionally, the regulation urges financial entities to implement robust ICT incident management and reporting processes, ensuring that all incidents are tracked, analyzed, and effectively mitigated.

Therefore, DORA aims to elevate security and resilience standards across the financial sector, protecting vital infrastructures from increasingly complex and interconnected risks, and ensuring greater financial stability within the EU.

Why DORA Compliance is Critical for Your Business

Details on how non-compliance can affect business operations and the possible sanctions, highlighting the importance of a proactive approach to compliance.

Non-compliance with the DORA regulation can negatively impact business operations in several ways:

1. Operational Disruptions

Without adequate ICT risk management and an effective plan for incident reporting and recovery, companies risk long operational disruptions. Incidents like cyber-attacks or technical failures can halt activities, causing significant financial losses and undermining customer trust.

2. Financial Penalties

Regulatory bodies can impose severe financial penalties on non-compliant companies. DORA allows regulators to fine ICT providers up to 1% of their average daily global revenue. Fines can be applied daily for up to six months until compliance is achieved.

3. Reputational Damage

Companies that fail to meet security and resilience standards risk compromising their reputation. Customer and investor trust can erode, causing long-term business losses.

4. Legal Liability

Non-compliance can expose companies to potential legal actions and compensation claims from customers and partners.

For these reasons, a proactive approach to compliance is essential. This means implementing comprehensive ICT risk management, operational resilience plans, and clear incident reporting, alongside maintaining accurate and up-to-date documentation. This approach ensures not only regulatory compliance but also the protection of business operations.

How Momit Supports Your DORA Compliance

1. Analysis and Assessment

We conduct a thorough analysis of ICT infrastructures to identify critical assets, assess risks, and map vulnerabilities, providing a foundation for building a resilience plan.

2. Document Management

We prepare and manage all documentation required by DORA, ensuring continuous regulatory compliance and always up-to-date documentation.

3. Specialized Consulting

We offer strategic consulting to ensure your organization follows best practices in ICT risk management, governance, and incident response. Our consulting approach balances DORA requirements with your specific business needs.

4. Resilience Testing

We implement operational resilience tests to ensure that security measures are robust and ready to withstand potential threats.

5. Incident Management

We create and refine incident response plans, ensuring a structured approach to minimizing the impacts of disruptions and improving operational continuity.

Customized Services for Pension Funds

We understand the unique needs of pension funds (given the high workload required for compliance, relative to their small size). We customize our services to provide tailored solutions that go beyond simple DORA compliance, applying well-defined, tested, and successfully used standards across many infrastructures.

Whether you need assistance with document management, operational resilience consulting, or incident reporting support, Momit tailors its services to the specific needs of each pension fund. In this way, we ensure a comprehensive and personalized approach that protects your business from operational risks, ensuring reliable and secure data management.

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Are you interested in DORA Compliance and want to learn more?
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