InsurTech Digital Magazine September 2024 | Page 88

THE DORA REGULATION SETS OUT SPECIFIC REQUIREMENTS IN FOUR MAIN AREAS

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INCIDENT REPORTING Systems need to be in place for “ monitoring , managing , logging , classifying , and reporting ”
ICT-related incidents .
THIRD-PARTY RISK MANAGEMENT
It ’ s a requirement for companies in the sector to take an active role in managing ICT third-party risk . Service providers must also comply with the requirements of the DORA regulation
ICT RISK MANAGEMENT AND GOVERNANCE
Organisations must have comprehensive ICT risk management frameworks that identify and classify critical assets . They must also conduct periodic risk assessments
OPERATIONAL RESILIENCE TESTING AND THREAT SHARING
ICT systems must be tested regularly to evaluate their performance , identify vulnerabilities , and repair them in a timely manner . In addition , financial institutions must establish agreements to share information a nd intelligence about threats and vulnerabilities .