DORA
EU regulation for digital operational resilience in financial sector
Australian Privacy Act
Australian federal regulation for personal information protection
Quick Verdict
DORA mandates ICT resilience for EU financial firms against disruptions, while Australian Privacy Act enforces personal data protection for Australian organizations via APPs. Firms adopt DORA for regulatory compliance, Privacy Act to avoid massive fines and build trust.
DORA
Regulation (EU) 2022/2554 Digital Operational Resilience Act
Key Features
- Comprehensive ICT risk management frameworks overseen by management
- 4-hour initial reporting for major ICT incidents
- Triennial threat-led penetration testing for critical entities
- ESAs direct oversight of critical third-party providers
- Harmonized resilience standards across 27 EU states
Australian Privacy Act
Privacy Act 1988 (Cth)
Key Features
- 13 Australian Privacy Principles (APPs)
- Notifiable Data Breaches (NDB) scheme
- Cross-border disclosure accountability (APP 8)
- Security and retention obligations (APP 11)
- OAIC enforcement with civil penalties
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
DORA Details
What It Is
DORA (Regulation (EU) 2022/2554) is an EU regulation for digital operational resilience in finance. It targets ICT risks like cyberattacks and third-party failures, covering 20 entity types (~22,000 organizations) across 27 states. Employs a risk-based, proportional methodology for proactive resilience.
Key Components
- **ICT Risk ManagementIdentification, mitigation frameworks with annual reviews.
- **Incident Reporting4-hour alerts, 72-hour updates for major events.
- **Resilience TestingAnnual scans, triennial TLPT.
- **Third-Party OversightDue diligence, ESAs supervision of CTPPs. Compliance enforced by fines up to 2% turnover.
Why Organizations Use It
Mandated by 2025 deadline for legal compliance; reduces systemic risks (74% ransomware hit); boosts resilience, trust, and competitiveness amid rising threats like CrowdStrike outage.
Implementation Overview
Gap analysis, policy/tool setup, testing programs. Proportional for SMEs/large firms; EU-focused finance sector. Requires reporting/audits, no formal certification; phased for legacy systems.
Australian Privacy Act Details
What It Is
The Privacy Act 1988 (Cth) is Australia's primary federal privacy regulation, governing personal information handling by government agencies and most private sector organizations over AU$3 million turnover. It uses a principles-based approach through the 13 Australian Privacy Principles (APPs), balancing privacy protection with transborder data flows.
Key Components
- 13 APPs spanning collection, use/disclosure, security (APP 11), cross-border (APP 8), and access/correction rights.
- Notifiable Data Breaches (NDB) scheme mandating notifications for serious harm risks.
- OAIC enforcement with penalties up to AU$50 million or 30% turnover. No certification; compliance via guidance, audits, self-assessment.
Why Organizations Use It
- Mandatory compliance for covered entities, avoiding fines/reputation damage.
- Enhances risk management, security, vendor governance.
- Builds stakeholder trust, supports global operations.
Implementation Overview
Phased: gap analysis (6-12 weeks), policy/controls design (4-16 weeks), deployment/training (8-24 weeks), ongoing assurance. Targets medium-large Australian-linked organizations; OAIC assessments required. (178 words)
Key Differences
| Aspect | DORA | Australian Privacy Act |
|---|---|---|
| Scope | Digital operational resilience in finance | Personal information handling lifecycle |
| Industry | EU financial entities and CTPPs | Australian organizations over $3M turnover |
| Nature | Mandatory EU regulation | Mandatory principles-based law |
| Testing | Annual basic, triennial TLPT | Reasonable security steps, no mandated tests |
| Penalties | Up to 2% global turnover | Up to AUD 50M or 30% turnover |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about DORA and Australian Privacy Act
DORA FAQ
Australian Privacy Act FAQ
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