DORA
EU regulation for digital operational resilience in financial sector
ISO 31000
International standard for risk management guidelines
Quick Verdict
DORA mandates ICT resilience for EU financial entities via risk frameworks and testing, while ISO 31000 offers voluntary guidelines for universal risk management. Firms adopt DORA for compliance, ISO 31000 for strategic resilience.
DORA
Regulation (EU) 2022/2554 Digital Operational Resilience Act
Key Features
- Mandates comprehensive ICT risk management frameworks
- Requires 4-hour reporting of major ICT incidents
- Enforces triennial threat-led penetration testing (TLPT)
- Oversees critical third-party ICT providers (CTPPs)
- Harmonizes resilience across 20 financial entity types
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Eight principles for integrated risk management
- Framework emphasizing leadership commitment
- Iterative six-step risk process
- Non-certifiable flexible guidelines
- Applicable to any organization size
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 establishing digital operational resilience for the financial sector against ICT disruptions like cyberattacks and third-party failures. Applicable from January 17, 2025, it covers 20 financial entity types and critical ICT providers, using a risk-based, proportional approach to harmonize rules across member states.
Key Components
Core pillars include ICT risk management frameworks for identification and mitigation; incident reporting with 4/72-hour notifications for major events; resilience testing via annual scans and triennial TLPT; and third-party oversight for CTPPs with due diligence and monitoring. Supported by RTS/ITS batches (2024), emphasizing governance and information sharing.
Why Organizations Use It
Financial entities adopt DORA for mandatory compliance to avoid 2% turnover fines, enhance resilience amid 74% ransomware rates, build stakeholder trust, and mitigate systemic risks like CrowdStrike outages. It drives cybersecurity investments and competitive edges in regulated markets.
Implementation Overview
Involves gap analyses, framework development, testing programs, and vendor contracts; proportional to entity size/complexity. Targets ~22,000 EU entities; requires ongoing ESAs oversight with phased technical standards.
ISO 31000 Details
What It Is
ISO 31000:2018, Risk management — Guidelines is an international standard offering non-certifiable guidance for systematic risk management. It defines risk as the effect of uncertainty on objectives, applicable to any organization, size, or sector. The principles-based approach emphasizes integration into governance and operations for value creation and protection.
Key Components
- **Three pillars8 principles (integrated, structured, customized, inclusive, dynamic, best information, human/cultural factors, continual improvement); framework (leadership commitment, integration, design, implementation, evaluation, improvement); 6-step process (communication/consultation, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
- Aligned with PDCA cycle; no fixed controls, flexible tailoring.
Why Organizations Use It
- Drives better decisions, resilience, opportunity realization.
- Enhances governance, stakeholder trust; voluntary but strategic for compliance alignment.
- Reduces losses, improves efficiency, builds competitive edge.
Implementation Overview
- **Phased roadmapexecutive alignment, gap analysis, pilot/scale, monitoring.
- Universal applicability; focuses on culture change, no certification—internal audits suffice. (178 words)
Key Differences
| Aspect | DORA | ISO 31000 |
|---|---|---|
| Scope | ICT risks in financial sector resilience | Enterprise-wide risk management guidelines |
| Industry | EU financial entities and CTPPs | All industries worldwide |
| Nature | Mandatory EU regulation | Voluntary non-certifiable guidelines |
| Testing | Annual basic, triennial TLPT | Risk-based reviews, no mandates |
| Penalties | Up to 2% global turnover fines | No legal penalties |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about DORA and ISO 31000
DORA FAQ
ISO 31000 FAQ
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