The Path to DORA (Digital Operational Resilience Act)
Securing the Financial Services Frontier with Cyber Compliance
FIs face a growing pressure to balance Operational Resilience (OpRes) compliance with the growing complexity of their connected world. A surge of managed and unmanaged devices expands the attack surface, challenging their ability to keep a secured and resilient environment. Increased targeting of FIs as well as new compliance requirements demand comprehensive and innovative solutions to effectively detect, control, and manage risk at scale.
Why Financial Institutions Need DORA?
Prior to DORA, managing risk within the EU’s diverse financial landscape was a tangled web. Member states issued their own regulatory patchwork, leading to inconsistencies and complexities for financial institutions.
DORA: Unifying Cyber Risk Management Across the EU Financial Sector
DORA cuts through the tangle with two fundamental objectives:
A More Comprehensive Approach:
- DORA establishes a unified framework for proactive and holistic risk management, extending beyond mere capital requirements. This encompasses everything from threat detection and incident response to infrastructure resilience and vulnerability management.
- Harmonization Across Borders: DORA levels the playing field by eliminating disparities between national regulations. This removes compliance burdens for cross-border operations and ensures consistent security standards across the entire EU financial sector.
Streamlined Compliance:
- Financial institutions gain clarity and predictability, simplifying compliance efforts and reducing administrative burdens.
- Enhanced Resilience: The entire EU financial system becomes more robust, with every institution held to the same high standards of IT security and resilience.
In essence, DORA marks a paradigm shift for FI risk management in the EU, fostering a stronger, more secure, and unified financial landscape.
Five Ways Armis Addresses DORA
1. Complete Asset Inventory
Financial institutions must be able to identify and classify all connected devices in their environment, including IoT devices, dynamic assets that are both managed and unmanaged and even unexpected systems like building management and climate control.
2. Monitoring of the Environment
Continuous and non-invasive environmental monitoring, powered by the Armis platform, grants unmatched visibility into suspicious activity and potential threats. This allows institutions to identify and respond to cyber incidents lightning-fast, safeguarding business continuity and adherence to regulation.
3. Data to Actionable Intelligence
To secure these new blindspots, large volumes of asset generated data, or “asset intelligence”, now require ongoing collection, analysis and transformation into actionable insights.
4. Data aggregation, contextual data analysis and CMDB enrichment
Correlating and analyzing data from multiple sources will enable deeper insights into potential cyber risks. Cooperative data aggregation can facilitate pattern identification and early detection of future threats, reducing response times and improving overall cybersecurity resilience.
5. Real-time reporting and vulnerability prioritization
Gaining deep situational awareness on every asset and integrating the data into a centralized security platform simplifies compliance reporting. Vulnerabilities are automatically identified, routed to policy-defined owners so they can be triaged and remediated the instant that they occur.
Helping Customers Meet Regulatory Requirements Such as DORA
Global Financial Services Organization Meets Its Goal of 100% Visibility
“I can say, with complete confidence that Armis has given us a view of 100% of the assets in our environment. We’re cross referencing every tool, and that is getting us to the visibility we are after.”
Manager of Security Engineering Financial
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Additional Resources
Armis + ServiceNow: Overcoming the Operational Technology Blindspot
Download the white paper to learn about the 5 ways Armis and ServiceNow help to address the challenges of IT/OT convergence and NIS2 Compliance.