{"id":518030,"date":"2024-11-22T09:42:53","date_gmt":"2024-11-22T08:42:53","guid":{"rendered":"https:\/\/www.devoteam.com\/expert-view\/dora-act-ensure-business-continuity-with-google-workspace\/"},"modified":"2024-11-22T09:42:53","modified_gmt":"2024-11-22T08:42:53","slug":"dora-act-ensure-business-continuity-with-google-workspace","status":"publish","type":"expert-view","link":"https:\/\/devoteam.info\/be\/expert-view\/dora-act-ensure-business-continuity-with-google-workspace\/","title":{"rendered":"DORA Act: Ensure Business Continuity with Google Workspace MS 365 customers"},"content":{"rendered":"\n

The financial sector is facing increasing pressure to improve its digital resilience, and the EU’s Digital Operational Resilience Act (DORA)<\/a> is setting the standard. The DORA Act requires financial institutions to have robust business continuity plans in place to withstand disruptions and maintain critical operations. However, with downtime costs reaching astronomical figures (Gartner<\/a> estimates $5,600 per minute!), the question is how organizations can ensure continuity.<\/p>\n\n\n\n

This article explores how Google Workspace can serve as a cornerstone of your business continuity strategy. You will learn how Workspace can help you meet DORA (or NIS2 or similar) requirements and mitigate the risks of operational disruptions.\u00a0<\/p>\n\n\n\n

Fact box – central concepts<\/h2>\n\n\n\n
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What is DORA?<\/h3>\n\n\n\n

The Digital Operational Resilience Act (DORA) is an EU regulation that aims to strengthen the digital resilience of financial services. It ensures that financial institutions can withstand and manage cyberattacks and other forms of IT-related disruption.

DORA is part of the EU’s wider Digital Finance Package<\/strong> initiative, which was presented in 2020. The EU adopted the regulation in 2022.<\/p>\n\n\n\n

DORA<\/strong> act<\/strong> ensures<\/span> that financial institutions have robust IT systems and procedures in place to protect themselves against IT threats and risks that could affect their operations and stability. It applies to a wide range of financial actors, including banks, insurance companies, investment firms, and payment providers, as well as their IT suppliers and third-party service providers.<\/p>\n\n\n\n

The key elements of DORA include:<\/p>\n\n\n\n

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  1. Risk monitoring and management<\/strong>: Financial institutions must implement systems to monitor, manage, and mitigate IT risks across their organisations.<\/li>\n\n\n\n
  2. Incident handling<\/strong>: Organisations have to handle incidents and make the necessary reporting incidents to the relevant authorities within a short timeframe.<\/li>\n\n\n\n
  3. Cybersecurity testing<\/strong>: Financial institutions must regularly test their IT systems to ensure they can withstand cyberattacks and other digital threats. (Read the ebook: ensuring cyber compliance with Dora<\/a>)<\/li>\n\n\n\n
  4. Third-party IT vendors<\/strong>: DORA also emphasises risk management concerning third-party IT vendors. Financial institutions must ensure that their IT suppliers meet the same standards for IT security.<\/li>\n\n\n\n
  5. Information sharing<\/strong>: Organisations have to report significant cyber incidents to the relevant authorities within a short timeframe.<\/li>\n<\/ol>\n\n\n\n

    The DORA regulation aims to harmonise the approach to cybersecurity in the financial sector across EU countries, creating greater security and stability in the digital financial ecosystem. Are you interested in learning more about DORA compliance? Check our expert view<\/a>!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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    What is business continuity?<\/h3>\n\n\n\n

    Business continuity refers to an organisation’s ability to maintain essential functions during and after a disruptive event. It involves a proactive approach to risk management, encompassing strategies for preventing, mitigating, and recovering from disruptions. Key components of business continuity include:<\/p>\n\n\n\n

    Testing and Maintenance:<\/strong> Regularly reviewing and updating plans to ensure their effectiveness.<\/p>\n\n\n\n

    Risk Assessment:<\/strong> Identifying potential threats and vulnerabilities.<\/p>\n\n\n\n

    Business Impact Analysis:<\/strong> Evaluating the potential impact of disruptions on critical business processes.<\/p>\n\n\n\n

    Recovery Strategies:<\/strong> Developing plans and procedures for restoring operations.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

    Business continuity is central to DORA<\/strong> act<\/h2>\n\n\n\n

    DORA is many things, and one of the most important is continuity management. In particular, the first pillar, “Risk Monitoring and Management,” is about monitoring and mitigating critical business components.<\/p>\n\n\n\n

    The aim is to ensure that financial institutions are prepared and have a structured approach to managing both expected and unforeseen IT risks. This builds confidence in systems and reduces the likelihood of serious disruptions. It also protects customers and the economy from the consequences of technology failures or cyber-attacks.<\/p>\n\n\n\n

    The EU’s Digital Operational Resilience Act (DORA) regulation, risk monitoring, and management ensure that financial institutions and their IT suppliers have structures and processes in place to identify, assess, manage, and mitigate digital risks. This is central to the regulation because financial institutions rely heavily on IT systems and digital infrastructure. This, in turn, makes them vulnerable to cyber threats and technical failures.<\/p>\n\n\n\n

    Institutions must put systems in place to continuously monitor and assess the IT risks they face. This includes understanding their dependencies on technology and digital systems and identifying potential weaknesses, threats, and vulnerabilities.<\/p>\n\n\n\n