What It Is

Digital Operational Resilience Act (DORA), formally Regulation (EU) 2022/2554, is an EU-wide regulation enhancing digital operational resilience in the financial sector against ICT disruptions like cyberattacks. It employs a risk-based, proportional approach mandating proactive strategies for 20 financial entity types and critical third-party providers (CTPPs), entering full application on January 17, 2025.

Key Components

• ICT risk management frameworks with identification, mitigation, and annual reviews.
• Incident reporting protocols (4-hour initial, 72-hour intermediate notifications).
• Resilience testing including annual basic tests and triennial threat-led penetration testing (TLPT).
• Third-party oversight with due diligence, contracts, and ESA supervision.
• Information sharing for collective threat intelligence. Built on harmonized standards replacing fragmented national rules.

Why Organizations Use It

Ensures mandatory compliance to avoid fines up to 2% global turnover. Bolsters resilience amid rising cyber threats (74% firms hit by ransomware), fosters stakeholder trust, reduces systemic risks, and drives cybersecurity investments estimated at €10-15B EU-wide.

Implementation Overview

Conduct gap analyses, develop frameworks, implement testing programs, and oversee vendors. Tailored by entity size/complexity; applies to ~22,000 EU entities. Preparation involves RTS/ITS adherence, with audits by authorities. (178 words)

What It Is

HITRUST Common Security Framework (CSF) is a certifiable, threat-adaptive control framework that consolidates requirements from 60+ standards like HIPAA, NIST, ISO 27001, PCI DSS, and GDPR. It employs a risk-based tailoring approach via organizational, system, and regulatory factors to scope controls dynamically.

Key Components

• 19 assessment domains (e.g., Access Control, Incident Management, Risk Management)
• Hierarchical structure: 14 categories, 49 objectives, ~156 specifications
• Five-level maturity model (Policy, Procedure, Implemented, Measured, Managed)
• Tiered certifications: e1 (44 controls), i1 (182 requirements), r2 (tailored) via MyCSF platform

Why Organizations Use It

• Streamlines multi-regulatory compliance (assess once, report many)
• Provides credible third-party assurance for healthcare, finance
• Enhances risk management, reduces breaches (99.4% breach-free)
• Boosts market access, insurance benefits, TPRM efficiency

Implementation Overview

Multi-phase: scoping, gap analysis, remediation, validated assessment by external assessors. Suited for regulated industries; requires policies, evidence, training. Certification valid 1-2 years with ongoing monitoring. (178 words)