What It Is

Digital Operational Resilience Act (DORA), Regulation (EU) 2022/2554, is an EU-wide regulation enhancing digital operational resilience in finance against ICT risks like cyberattacks. It targets 20 financial entity types (~22,000 entities) and critical third-party providers (CTPPs). Adopts a proactive, risk-based approach shifting from capital buffers to tech-centric strategies.

Key Components

• **ICT Risk ManagementFrameworks for identification, mitigation, annual reviews.
• **Incident Reporting4-hour initial, 72-hour intermediate notifications for major events (>5% users or €100k loss).
• **Resilience TestingAnnual basic scans, triennial TLPT for critical entities.
• **Third-Party OversightDue diligence, monitoring, ESAs supervision via JETs.
• **Information SharingThreat intelligence collaboration. Proportionality principle applies; penalties up to 2% global turnover.

Why Organizations Use It

Mandatory compliance by January 2025 mitigates systemic risks (74% ransomware hit). Boosts resilience post-CrowdStrike outage, fosters trust, drives €10-15B investments, harmonizes rules across states.

Implementation Overview

Gap analyses, framework builds, testing programs, vendor mapping. Tailored by size/complexity; EU financial sector focus. Regulatory reporting, no formal certification but ESAs audits.

What It Is

The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards for entities handling credit, debit, or prepaid card data from major brands. Managed by the PCI Security Standards Council (PCI SSC) since 2006, it is a contractual industry framework, not a law. Its primary purpose is safeguarding cardholder data (CHD) and sensitive authentication data (SAD) during storage, processing, and transmission. It uses a prescriptive, control-based approach with 12 requirements across 6 control objectives.

Key Components

• 12 Requirements in 6 objectives: secure networks, protect CHD, vulnerability management, restrict access, monitor networks, maintain policies.
• Over 300 sub-requirements for granular technical/operational controls.
• Core principles: defense-in-depth, segmentation.
• Compliance via levels (4 merchant, 2 service provider), SAQs, QSA ROCs, ASV scans.

Why Organizations Use It

• Contractual mandate to avoid fines, bans, breach costs ($37/record avg.).
• Builds trust, aligns with GDPR.
• Mitigates risks from evolving threats like ransomware.
• Competitive advantage for merchants/service providers.

Implementation Overview

• Scope CDE, gap analysis, remediate via segmentation, encryption, MFA.
• All sizes/industries handling cards, global applicability.
• Quarterly scans, annual audits (v4.0 mandatory 2024).