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What You Need to Know to Stay Compliant with Top DORA Regulations
- Financial institutions must adhere to strict cybersecurity standards set by DORA, including managing IT risks, incident reporting, and protecting sensitive data.
- Automation through a unified CCM platform can simplify compliance processes, streamline audits, and accelerate reporting for financial organizations.
- Proactive measures like disaster recovery, single-source archiving, and structured approval workflows are crucial to ensure compliance and reduce disruptions.
- DORA, the Digital Operational Resilience Act, aims to enhance cyber resilience in the financial sector across Europe by imposing mandatory requirements.
- DORA emphasizes the protection of financial stability, minimization of IT and operational risks, and ensuring compliance for financial institutions.
- Specific measures required for DORA compliance include ICT risk management, incident reporting, and data security and compliance for organizations and ICT service providers.
- EngageOne RapidCX from Precisely offers solutions like disaster recovery capabilities, audit trails, and security controls to assist in meeting DORA requirements effectively.
- Failure to comply with DORA can lead to regulatory fines, operational downtime, data breaches, and legal risks for financial institutions.
- Preparing for DORA involves implementing capabilities like audit trails for all changes, a single-source archive, and built-in disaster recovery measures.
- EngageOne RapidCX provides a unified CCM platform to centralize communication management, automate compliance processes, and prepare for audits to ensure enhanced compliance with DORA and evolving regulations.
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