DORA Compliance Simplified: Boost Your Operational Resilience with Acsense
The Digital Operational Resilience Act (DORA) is a transformative regulation aimed at fortifying the operational resilience of financial entities within the European Union. As the financial landscape becomes more digital, DORA provides a comprehensive framework to ensure institutions can withstand, respond to, and recover from ICT-related disruptions. Acsense, with its innovative IAM resilience solutions, is uniquely positioned to help organizations meet these stringent requirements.
What is ICT?
ICT, or Information and Communication Technology, encompasses all technologies used to handle telecommunications, broadcast media, audio-visual processing and transmission systems, intelligent building management systems, and network-based control and monitoring functions. Essentially, ICT includes any communication device or application, such as radio, television, cell phones, computer and network hardware and software, satellite systems, and so on, as well as the various services and applications associated with them, like videoconferencing and distance learning.
What is DORA?
The Digital Operational Resilience Act (DORA) is an EU regulatory framework designed to harmonize and strengthen the ICT risk management practices of financial entities. This regulation addresses the increasing reliance on digital infrastructure by financial institutions and aims to enhance their ability to manage and recover from ICT-related incidents.
Key components of DORA include:
- ICT Risk Management:
- Comprehensive Risk Frameworks: Financial institutions must develop and maintain robust ICT risk management frameworks. These frameworks should identify, monitor, and manage all ICT risks, ensuring that entities are prepared to handle disruptions.
- Risk Assessment: Regular risk assessments must be conducted to identify vulnerabilities and ensure appropriate controls are in place.
- Incident Reporting:
- Timely Reporting: Financial entities are required to report major ICT-related incidents to competent authorities within a specified timeframe. This ensures that regulators are promptly informed of any disruptions that could impact the financial system.
- Timely Reporting: Financial entities are required to report major ICT-related incidents to competent authorities within a specified timeframe. This ensures that regulators are promptly informed of any disruptions that could impact the financial system.
- Digital Operational Resilience Testing:
- Regular Testing: Institutions must conduct regular testing of their ICT systems to ensure they can withstand various types of disruptions. This includes scenario-based testing and vulnerability assessments to evaluate the effectiveness of their controls and recovery procedures.
- Regular Testing: Institutions must conduct regular testing of their ICT systems to ensure they can withstand various types of disruptions. This includes scenario-based testing and vulnerability assessments to evaluate the effectiveness of their controls and recovery procedures.
- Third-Party Risk Management:
- Vendor Oversight: Financial institutions must ensure that their third-party service providers, including cloud services, comply with DORA’s resilience standards. This involves rigorous due diligence and continuous monitoring of third-party risks.
- Vendor Oversight: Financial institutions must ensure that their third-party service providers, including cloud services, comply with DORA’s resilience standards. This involves rigorous due diligence and continuous monitoring of third-party risks.
- Information Sharing:
- Cyber Threat Intelligence: DORA encourages the sharing of cyber threat intelligence among financial entities to enhance collective security and resilience. This collaborative approach helps institutions stay ahead of emerging threats.
How Acsense Fits into the DORA Framework
Acsense offers a suite of IAM resilience solutions that directly align with DORA’s objectives, providing financial institutions with the tools they need to enhance their ICT resilience and ensure compliance.
- ICT Risk Management:
- Continuous Data Protection: Acsense ensures continuous data protection for Okta tenants, providing near real-time data backups and the ability to recover from any point in time. This significantly reduces the risk of data loss due to cyber-attacks or system failures.
- Single and Full Object Recovery: Acsense allows for both single-item and full-system recovery, ensuring critical IAM components can be restored swiftly, minimizing downtime and operational impact.
- Incident Reporting and Response:
- Alerting of Changes: Acsense’s platform includes comprehensive alerting mechanisms for any changes in IAM systems, facilitating prompt identification and reporting of ICT-related incidents.
- Change and Audit Reports: Detailed logs and reports provided by Acsense can be used to analyze incidents and meet regulatory reporting requirements, ensuring transparency and accountability.
- Operational Resilience Testing:
- Routine Testing and Continuous Integrity Checks: Acsense supports regular testing and continuous integrity checks of IAM systems, ensuring they are resilient to potential disruptions. This aligns with DORA’s requirement for regular resilience testing.
- Routine Testing and Continuous Integrity Checks: Acsense supports regular testing and continuous integrity checks of IAM systems, ensuring they are resilient to potential disruptions. This aligns with DORA’s requirement for regular resilience testing.
- Third-Party Risk Management:
- Isolated Recovery Environment: Acsense’s solutions include isolated recovery environments, ensuring that a secure copy of all data is always available for recovery. This is critical for managing risks associated with third-party service providers.
- Isolated Recovery Environment: Acsense’s solutions include isolated recovery environments, ensuring that a secure copy of all data is always available for recovery. This is critical for managing risks associated with third-party service providers.
- Information Sharing and Compliance:
- Compliance and Audit Ready: Acsense offers features that ensure audit readiness and compliance with regulatory requirements like DORA. This simplifies the audit process and helps organizations demonstrate their compliance effectively.
- Compliance and Audit Ready: Acsense offers features that ensure audit readiness and compliance with regulatory requirements like DORA. This simplifies the audit process and helps organizations demonstrate their compliance effectively.
Enhancing Operational Resilience with Acsense
By integrating Acsense’s IAM resilience solutions, financial institutions can effectively manage ICT risks, ensure timely incident reporting, conduct thorough resilience testing, manage third-party risks, and share vital cyber threat intelligence. Acsense’s dedication to eliminating IAM as a single point of failure, combined with its comprehensive suite of features, makes it an essential partner for financial institutions aiming to comply with DORA and enhance their overall digital operational resilience.
For more information on how Acsense can help your organization comply with DORA, contact us today
www.acsense.com/contact-us
