The Council adopted the Digital Operational Resilience Act (DORA) which will make sure the financial sector in Europe is able to stay resilient through a severe operational disruption. DORA:
- Sets uniform requirements for the security of network and information systems of companies and organisations operating in the financial sector as well as critical third parties which provide ICT-related services to them;
- Creates a regulatory framework on digital operational resilience whereby all firms need to make sure they can withstand, respond to and recover from all types of ICT-related disruptions and threats;
- Mandates the relevant European Supervisory Authorities (ESAs) to develop technical standards for all financial services institutions to abide by, from banking to insurance to asset management.