Nicole Fortunato and Ashick Remetula sign the article ‘DORA - Did we really have to have this regulation?’

Nicole Fortunato, managing associate who is part of the corporate, commercial and M&A, and TMT teams, and Ashick Remetula, associate who is part of the banking and finance team and Team Genesis, signed the article ‘DORA - Did we really have to have this regulation?’, published in the October issue of InforBanca, in which they discuss the DORA Regulation (Regulation (EU) 2022/2554), which aims to strengthen the operational resilience of financial institutions in the European Union, with a focus on systemic risk management.

The regulation imposes strict standards for digital resilience and risk management, requiring measures such as regular penetration testing and incident reporting. Rules are also established for the selection and monitoring of critical ICT service providers, imposing greater European oversight.

DORA seeks to prevent systemic failures in the financial sector by ensuring that, even in times of crisis, financial institutions maintain the continuity of critical services. It also promotes greater transparency and collaboration between financial institutions, regulators and service providers. With entry into force scheduled for January 2025, organisations have little time to adjust their systems and contracts to the new legislation.

In short, the article highlights that the regulation is a necessary measure to address the challenges of the growing dependence on digital technologies in the financial sector and minimise risks of disruption.

Read the full article in the attachment below.