The Digital Operational Resilience Act (DORA) is a game-changing regulation for the financial sector, designed to ensure that financial entities can manage and withstand operational risks effectively. As a leading software house, Vermeg is at the forefront of supporting financial institutions in achieving DORA compliance through robust, innovative solutions.
/ What is DORA and why does it matter?
Effective since January 2023 and set for full implementation by January 2025, DORA introduces a regulatory framework designed to enhance the operational resilience of financial entities. At its core, DORA emphasizes four key areas. It prioritizes robust risk management by focusing on the identification, assessment, and mitigation of ICT-related risks. Additionally, it underscores the importance of incident management, ensuring that operational incidents are promptly detected and effectively addressed. The framework also mandates resilience testing, requiring regular evaluations of the strength and reliability of systems and processes. Finally, it highlights information sharing as a critical component, promoting secure and efficient communication among stakeholders.
The Act ensures that financial institutions can continue to operate effectively even in the face of disruptions, safeguarding the broader financial ecosystem.
/ How Vermeg supports DORA Compliance
Vermeg offers a suite of solutions and services that meet DORA requirements. Here’s how:
Certifications and frameworks:
ISO/IEC 27001: Information Security Management System (ISMS) to ensure robust information security management.
ISO/IEC 27701: Privacy Information Management System (PIMS) to meet GDPR and other data protection regulations.
System Organisation Control SOC 2 Type II: To demonstrate high standards for security in SaaS offerings.
GDPR Compliance: To ensure that personal data is processed in a secure, transparent, and lawful manner.
Business Continuity Plan (BCP) Aligned with ISO 22301: To align Business Continuity Planning (BCP) with industry best practices.
Risk Management Based on ISO 27005: To provide a structured approach to risk management including IT assets and ICT management related risks.
These certifications ensure that Vermeg’s solutions are secure, resilient, and aligned with DORA’s stringent requirements.
Incident management
Vermeg adopts formal documented and reviewed process of incident management to maintain operational integrity. With 24/7 monitoring, advanced tools are employed to detect and respond to threats in real-time, ensuring swift action against potential risks. Incident response plans, aligned with ISO standards, are in place to facilitate rapid containment and recovery when incidents occur. Additionally, transparent communication is a key focus, with a well-integrated communication plan within the business continuity framework to keep stakeholders informed and aligned during disruptions.
Resilience testing
To ensure operational resilience, Vermeg takes a proactive approach through several key practices. Penetration testing is regularly conducted to uncover and address potential vulnerabilities in systems and applications. BCP and disaster recovery plan involves running simulations to validate the effectiveness of continuity plans and ensure preparedness for unexpected events. Additionally, crisis management drills are carried out using scenario-based exercises to prepare teams to effectively respond to potential disruptions effectively to potential disruptions.
Third-party risk management
Vermeg evaluates the resilience of third-party providers, including hosting services like AWS and Microsoft Azure, ensuring compliance across the supply chain. This commitment is underpinned by a robust operational resilience framework supported by policies and procedures. These include information security and data protection policies, a secure software development life cycle procedure, a threat and vulnerability management procedure, and detailed business continuity and incident management procedures.
These policies provide a robust foundation for DORA compliance, ensuring transparency and security.
/ Why Vermeg ?
At Vermeg, we recognize the importance of staying ahead of regulatory changes to ensure the resilience of our platforms and solutions. Our teams have been working diligently to ensure supporting financial institutions in achieving DORA regulations in all aspects of ICT risk management, incident reporting, third-party oversight, and resilience testing.
We are proud to announce that as of January 17, 2025, Vermeg is at the forefront of supporting financial institutions in achieving DORA compliance through robust, innovative solutions, offering our banking and insurance clients the solutions and expertise needed to navigate the evolving financial landscape.
Our commitment to DORA signals more than meeting regulatory requirement compliance with regulation – it’s about fostering trust and security in the financial sector. By adopting DORA’s principles, we aim to empower our clients with the tools they need to navigate the challenges of a technology-driven world confidently.
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