DORA Compliance. Your Ultimate Guide to Meeting EU Regulatory Standards

The Digital Operational Resilience Act (DORA) is an important EU regulation designed to strengthen the cybersecurity and operational resilience of financial institutions, including crypto businesses. It sets strict requirements for risk management, incident reporting, third-party oversight, and IT security.

In this article, we’ll take a look at what is needed to achieve DORA compliance. As failure to do so can lead to severe penalties and restricted market access, making it crucial for businesses to act now.

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What is DORA Compliance? An Overview

DORA (Digital Operational Resilience Act) is an EU regulation designed to strengthen the cybersecurity and digital resilience of financial institutions. Unlike previous fragmented national regulations, DORA introduces a harmonized framework across all EU member states. It paves a way for a consistent approach to ICT risk management, incident reporting, and third-party oversight.

DORA compliance revolves around ensuring business continuity in the face of cyber threats, system failures, and IT disruptions. Financial entities and their third-party ICT service providers must implement robust security measures, conduct regular testing, and establish incident response protocols to minimize risks and maintain trust in the financial system.

As of January 17, 2025, compliance with EU DORA requirements will become mandatory for all financial institutions operating within the European Union. Businesses must prepare now to align with DORA’s strict standards, safeguarding their operations and avoiding potential penalties. DORA also plays an integral part in crypto licensing approval.

Key DORA Compliance Requirements for Businesses

DORA compliance is built on several core pillars, each designed to strengthen the digital resilience of financial institutions and their ICT service providers. Businesses must adopt a proactive strategy in each of the following spheres.

ICT risk management

Companies must implement robust ICT systems that can withstand cyber threats, continuously monitor for potential risks, and establish comprehensive recovery plans to minimize disruptions. They should also maintain a clear governance structure to oversee all ICT risk management activities.

ICT-related incident reporting

Financial entities must classify and log ICT-related incidents, promptly report them to authorities using a standardized format, and provide updates throughout the resolution process. Timely and accurate reporting helps regulators assess the impact of incidents and improve industry-wide response measures.

Digital operational resilience testing

Businesses are required to conduct regular resilience testing, including simulated cyberattacks, to identify weaknesses and ready rapid response capabilities. Testing must be proportional to the organization’s risk exposure, so that all vulnerabilities are addressed effectively.

ICT third-party risk

Organizations must closely monitor their ICT service providers and verify that contractual agreements include security standards, data processing details, and accessibility requirements. Clear oversight frameworks help prevent supply chain vulnerabilities that could threaten business continuity.

Information sharing

DORA encourages financial institutions to collaborate by sharing cyber threat intelligence, helping to improve overall resilience and prevent risks from spreading across the sector. Secure information-sharing frameworks allow companies to stay ahead of emerging threats and enhance collective cybersecurity defenses.

Compliance with DORA

is a strategic necessity for safeguarding operations, protecting client data, and maintaining trust in the financial sector. At Samson Solutions, we are ready to help you navigate DORA’s complexities and achieve full compliance.

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EU DORA Compliance Certification: How to Achieve It

Achieving DORA compliance certification is a necessity for financial institutions and ICT service providers operating in the EU. It is also one of the first things you should think of if you’re considering EU company registration.

Certification demonstrates a company’s commitment to digital operational resilience, meeting regulatory standards and gaining credibility in the market.

Steps to Certification

Self-assessment and gap analysis – Conduct an internal review to identify weaknesses in your ICT risk management framework and ensure alignment with DORA requirements. This is necessary so that you understand where your business stands and what improvements are needed before moving forward.

Developing necessary resilience policies and frameworks – Implement risk management strategies, incident response protocols, and resilience testing procedures that meet regulatory expectations. A structured resilience plan maintains business continuity even in the face of cyber threats and operational disruptions.

Collaborating with DORA compliance audit firms for certification – Work with experts to assess your compliance readiness, address vulnerabilities, and ensure proper documentation. Partnering with professionals can speed up the certification process and reduce the risk of regulatory pushback.

Submitting for official compliance review and approval – Once all requirements are met, submit the necessary reports to the relevant authorities for final approval and certification. Timely submission and accuracy in reporting are key to avoiding unnecessary delays or rejections.

Compliance with DORA is an Ongoing Process

DORA compliance is not a one-time task but an ongoing commitment to digital operational resilience. Businesses must follow a structured process consisting of both initial and continuous regulatory evaluations, monitoring, and formal certification to ensure they meet EU standards. Below is a succinct overview of what to expect.

Step-by-Step Breakdown of the DORA Compliance Process

Application and Assessment – Businesses must undergo an initial evaluation by regulatory authorities to determine their compliance status. They need to submit documentation on ICT risk management, resilience policies, and third-party risk frameworks.

Ongoing Monitoring and Reporting – Companies are required to conduct regular risk assessments, incident reporting, and security updates to remain compliant. Maintaining detailed records and responding promptly to cyber threats is needed for ongoing approval.

Audits and Certification – To achieve DORA compliance certification, businesses must go through formal audits that assess their ability to withstand ICT risks. Successfully passing these audits proves adherence to regulatory standards and enhances credibility.

Preparation for Audits and Risk Assessments – Organizations must make sure that all necessary frameworks, policies, and security measures are in place before an audit. Having incident response plans, operational resilience tests, and detailed documentation ready for review is a must.

Role of DORA Compliance Audit Firms – Specialized DORA compliance audit firms assist businesses in navigating the regulatory landscape, preparing necessary reports, and ensuring all requirements are met. Their expertise can help businesses streamline the compliance process and avoid costly mistakes.

How DORA Compliance Impacts Crypto Institutions

DORA compliance is crucial for all businesses operating within the financial services sector, as it establishes a unified framework to ensure the digital operational resilience of entities across the European Union.

For financial institutions and crypto businesses, meeting DORA compliance standards is not just about protecting their ICT systems - it's about ensuring they can operate effectively in the face of digital and cyber threats and preserve their business continuity. In return, they can benefit from a respected and transparent market, which includes some of the best crypto tax free countries.

DORA Compliance for Crypto Businesses

Crypto businesses, much like traditional financial institutions, must adhere to DORA's stringent requirements. Given the unique risks associated with cryptocurrency trading, blockchain technology, and decentralized finance (DeFi), the resilience of ICT systems is a core focus.
Crypto businesses have to establish robust frameworks for monitoring and managing risks related to cyber threats and third-party service providers - specifically when handling sensitive data or operating within decentralized systems. Meeting these standards ensures their systems are secure, which is paramount when dealing with digital assets and user trust.

MiCA and DORA, A Symbiotic Relationship

The Markets in Crypto-Assets (MiCA) is an EU regulation for cryptocurrencies that aims to create a clear framework for digital assets. It requires businesses to not only comply with financial regulations but also meet digital operational resilience standards set by DORA. A crucial point for crypto businesses is that, in order to obtain a MiCA license, they must demonstrate compliance with DORA's ICT risk management, cybersecurity measures, and business continuity requirements.
The alignment between DORA and MiCA is driving significant changes in the landscape for crypto businesses. While MiCA regulates crypto-assets and service providers, DORA ensures that these entities maintain operational resilience, security, and continuity under both regular and extraordinary circumstances.

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DORA Compliance Audit Firms and Their Role

As businesses prepare for DORA compliance, working with specialized compliance audit firms can be the best approach so that they meet regulatory requirements efficiently and effectively. These firms are experts in the Digital Operational Resilience Act and plenty of other regulatory frameworks. They can offer a range of services, including full legal support, designed to help companies manage ICT risks and align their operations with DORA’s comprehensive standards.

How DORA Compliance Audit Firms Assist Businesses

Risk Assessments

Compliance audit firms conduct thorough ICT risk assessments to identify vulnerabilities in a company’s operations. They help businesses understand their exposure to digital threats, both internally and from third-party providers. This assessment forms the foundation for developing tailored mitigation strategies and resilience measures to meet DORA’s stringent requirements.

Audits of IT Infrastructure and Cybersecurity Measures

Audit firms evaluate the IT infrastructure and cybersecurity protocols in line with DORA’s standards. They assess the adequacy of systems designed to detect, prevent, and respond to ICT-related incidents and offer guidance on strengthening defenses against cyberattacks. These audits are essential for identifying gaps in existing infrastructure and implementing robust security measures.

Guidance on Building and Implementing Operational Resilience

Achieving operational resilience is at the core of DORA compliance. Audit firms provide detailed guidance on developing business continuity plans, including the creation of incident management processes, disaster recovery strategies, and resilience testing protocols. They also assist in crafting clear policies and procedures that ensure the ability to recover quickly from ICT disruptions, maintaining smooth operations even in the face of cyber incidents or system failures.

Simply put, DORA compliance audit firms provide the expertise and resources needed to guide businesses through each step. Their role is indispensable in helping businesses achieve and maintain compliance while minimizing risk.

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From risk assessments to IT audits and operational resilience strategies, we provide the support you need to achieve compliance and secure your business's future.

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DORA Compliance Tips for Long-Term Resilience

Achieving DORA compliance also means ensuring long-term operational resilience. Businesses must proactively build and maintain strong systems, policies, and practices to continuously adapt to the evolving DORA standards. Below are some practical tips to help businesses stay resilient and compliant that you can implement in your business development strategy.

Develop a Comprehensive Business Continuity Plan

Ensure that your business continuity plan is detailed, tested, and regularly updated to address potential disruptions. This plan should include strategies for both IT and operational continuity, with clear roles and responsibilities defined in the event of an incident.

Conduct Regular Cybersecurity Audits

Prepare for regular cybersecurity audits by proactively assessing your network, systems, and software. This helps identify vulnerabilities before they become a problem.

Implement Incident Management Protocols

Establish a clear incident management process that includes detection, response, and recovery steps. Regularly test and refine these protocols to ensure that your team can swiftly address any ICT-related incidents.

Engage in Digital Operational Resilience Testing

Regularly conduct resilience testing to identify weaknesses or gaps in your systems. Penetration testing and other security tests will prepare your infrastructure for potential threats or cyberattacks.

Ensure Third-Party Risk Management

Evaluate and monitor the risks associated with third-party service providers, especially those impacting your IT and cybersecurity. Ensure that these providers meet DORA standards and include clear contractual obligations around security and incident reporting.

Monitor Regulatory Changes and Adapt

DORA compliance requires continuous monitoring of regulatory updates and adjusting your policies accordingly. Stay informed about any changes in the regulation and update your risk management frameworks to remain compliant.

Establish Clear Reporting Procedures

Set up an efficient incident reporting system to ensure timely notifications of ICT-related incidents. This will help you adhere to DORA’s incident reporting requirements, ensuring transparency with authorities and stakeholders.

Invest in Employee Training and Awareness

Regularly train employees on the importance of operational resilience and cybersecurity. Everyone in the organization should understand their role in maintaining resilience and respond appropriately in case of an ICT-related incident.

Create a Risk Mitigation and Adaptation Strategy

Prepare a risk mitigation plan that addresses potential ICT threats and provides a clear path for adaptation as your business grows. Include evolving measures to protect against new and emerging risks.

Collaborate with Compliance Experts and Auditors

Work with DORA compliance audit firms to assess your adherence to regulatory standards and improve your overall compliance strategy. Expert guidance helps you remain on track and compliant, even as the regulatory landscape evolves.

DORA Compliance from A Global Perspective

DORA (Digital Operational Resilience Act) is primarily a regulation for the EU financial services sector and is also important for securing a Europe crypto license, including crypto license in Czech Republic.

However, its impact extends beyond the European Union, especially for global financial institutions and crypto businesses

As companies increasingly engage in international financial transactions and operations, they must comply with DORA to maintain their access to EU markets and meet global expectations for cybersecurity and operational resilience.

For global businesses, DORA serves as a model for managing ICT risks and digital resilience, setting a high bar that aligns with similar regulations in other regions.

One example being the already mentioned MiCA (Markets in Crypto-Assets) regulation, focusing on protection of investors and the stability of the cryptocurrency market in the EU, and requiring adherence to operational resilience standards similar to DORA's cybersecurity requirements.
Additionally, PSD2 (Payment Services Directive 2), which regulates payment services across the EU, emphasizes secure payment systems, reinforcing the importance of continuous operational and digital security, a key area of focus in DORA.
The GDPR (General Data Protection Regulation), though primarily focused on data privacy, also requires businesses to maintain strong cybersecurity frameworks, aligning well with the broader goals of DORA.

For companies operating outside the EU, compliance with DORA can enhance their reputation and get them smooth access to EU financial markets. As countries and regions focus on cybersecurity and operational continuity, adopting DORA's best practices helps businesses not just in the EU, but global markets in general.

Staying compliant with DORA is a strategic imperative for any business looking to navigate the evolving landscape of digital resilience and regulatory compliance.

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