What It Is

DORA, formally Regulation (EU) 2022/2554, is a transformative EU regulation for digital operational resilience in the financial sector. It bolsters resilience against ICT disruptions like cyberattacks and system failures, applying to 20 financial entity types (e.g., banks, insurers) and critical third-party providers. Employs a risk-based, proportional approach harmonizing rules across 27 member states.

Key Components

• **ICT Risk Management FrameworksIdentification, mitigation, and continuity plans.
• **Incident Reporting4-hour initial alerts, 72-hour updates for major incidents.
• **Resilience TestingAnnual basic tests, triennial TLPT for critical entities.
• **Third-Party OversightDue diligence, monitoring, and ESAs supervision of CTPPs. Enforced via RTS/ITS, with noncompliance penalties up to 2% global turnover.

Why Organizations Use It

Legally mandated for ~22,000 EU entities to mitigate systemic risks, ensure compliance by January 2025, enhance cyber defenses amid rising threats (74% ransomware hit), build stakeholder trust, and drive cybersecurity investments.

Implementation Overview

Gap analyses, framework establishment, testing programs, vendor contracts. Tailored by size/complexity; full application January 17, 2025. Ongoing authority oversight, no formal certification but audits and reporting required. (178 words)

What It Is

K-PIPA, the Personal Information Protection Act, is South Korea's primary data privacy regulation, enacted in 2011 with amendments in 2020, 2023, and 2024. It safeguards personal, sensitive (e.g., health, biometrics), and unique ID information via a consent-centric, risk-based approach, covering all data handlers processing Korean residents' data domestically and extraterritorially.

Key Components

• **Core principlestransparency, purpose limitation, data minimization, accountability through mandatory Chief Privacy Officers (CPOs).
• **Obligationsgranular explicit consents, security measures (encryption, access controls per 2024 Guidelines), data subject rights (access, erasure, portability within 10 days).
• Enforced by PIPC with fines up to 3% annual revenue.

Why Organizations Use It

• Mandatory compliance avoids severe penalties (e.g., Google's KRW 70B fine).
• Builds stakeholder trust, enables EU adequacy data flows, mitigates breach risks.
• Provides competitive edge in privacy-sensitive markets.

Implementation Overview

• **Phasedgap analysis, CPO governance, technical controls, training, breach playbooks.
• Applies universally across sizes/sectors; PIPC audits, no certification required.