Operational resilience in the digital age – Anneli Tuominen of the ECB’s Supervisory Board discusses DORA and its implications for banks and their supervisors
In a post on the European Central Bank (ECB)’s The Supervision Blog, Anneli Tuominen, a member of the Supervisory Board, looks at how the EU’s Digital Operational Resilience Act (DORA) makes the financial sector in the region more resilient and outlines the implications for banks and their supervisors. DORA aims to enhance the financial sector's resilience against digital threats by standardising rules across various financial entities. Key changes introduced by DORA include a unified incident reporting framework for banks, mandatory threat-led penetration testing for systemically important institutions, and EU-level oversight of critical information and communication technology (ICT) third-party service providers.