The EU's Digital Operational Resilience Act (“DORA”) entered into force on 16 January 2023, 20 days after its initial publication in the Official Journal of the European Union on 27 December 2022.
Individual country/state regulators within the EU will now define specific technical requirements (that will align with the DORA legislation) for regulated firms and critical third parties within their jurisdiction. While regulated firms have until the end of 2024 to be fully compliant, financial sector institutions and designated critical third-parties are advised to start preparing immediately.
The background on this legislation and its widespread impact on digital infrastructure owners, operators and providers is outlined in detail in the recent publications from Uptime Institute below:
DORA's Impact on the Future of Digital Infrastructure
The goal of the Program Design Partner group was to work together and design a standardized approach to help the financial sector better assess and mitigate outage risk across their IT estate, wherever it was deployed. Uptime worked closely with this group for two years – reviewing their internal assessment protocols around digital resiliency and analyzing over 20 data center and commonly applied financial sector standards, regulatory requirements related to digital infrastructure. The outcome of this collaboration is a new meta standard and protocol that enables financial sector institutions to assess and better manage core digital infrastructure risk, while remaining compliant with current and future regulations.
The Introduction of SCIRA-FSI
To learn more about this assessment and how it can help financial sector institutions better prepare for and comply with operational resiliency and DORA regulations, visit our SCIRA-FSI overview page. If you would like to speak with our SCIRA-FSI specialists, complete the contact form and one of our SCIRA-FSI specialists will follow up with you.
Uptime Institute has completed over 250 digital infrastructure assessments, certifications and reviews with leading financial firms over our 25 year history – and we look forward to helping you navigate the DORA regulations poised to impact the digital infrastructure industry across Europe for the next decade and beyond.
Partner to the World's Leading Financial Sector Institutions
Our SCIRA-FSI product represents a new offering to this sector, founded on decades of experience in helping FSIs design, build, operate and assess their critical digital infrastructure.