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|                   DORA CHEAT SHEET                   |
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1. **DORA Overview**
   - **Digital Operational Resilience Act (DORA)** is an EU regulation aimed at strengthening the operational resilience of financial institutions against ICT (Information and Communication Technology) risks.
   - Applies to banks, insurance companies, investment firms, and other financial entities operating within the EU.

2. **Key Objectives of DORA**
   - **Ensure ICT Risk Management:** Financial entities must manage and mitigate risks related to their ICT systems and third-party ICT service providers.
   - **Establish Robust Cybersecurity Measures:** Ensuring organizations have cybersecurity frameworks in place to handle potential operational disruptions.
   - **Incident Reporting Requirements:** Financial institutions must report significant ICT-related incidents promptly.
   - **Third-Party Risk Management:** Ensures that financial institutions manage risks stemming from third-party ICT providers, including cloud services.

3. **Core Components of DORA**
   - **ICT Risk Management Framework:**
     - Identify, monitor, and manage ICT-related risks.
     - Continuously test the resilience of systems to ensure operational continuity.
   - **Incident Reporting:**
     - Financial entities must report significant ICT incidents to relevant authorities (e.g., data breaches, service interruptions).
     - Reports should be made without undue delay and should include details of the impact and remedial actions.
   - **Digital Resilience Testing:**
     - Institutions must conduct regular digital resilience tests, including penetration testing, vulnerability assessments, and simulations of real-world cyber threats.
   - **Third-Party Risk Management:**
     - Establish contracts and oversight mechanisms to manage risks associated with third-party ICT service providers (e.g., cloud services, outsourced systems).
   - **Information Sharing:**
     - DORA encourages financial institutions to share information on cyber threats and incidents with regulators and peers to improve collective resilience.

4. **Operational Resilience Measures**
   - **ICT Continuity Plans:** Financial entities must implement and regularly update continuity and recovery plans for ICT-related disruptions.
   - **Backup and Recovery:** Regular backups of critical data and system restoration processes must be in place.
   - **Governance:** A clear internal governance framework for ICT risk management, with assigned roles and responsibilities for monitoring and reporting.

5. **Key Responsibilities for Financial Entities**
   - **Governance & Oversight:** Assign clear responsibility for ICT risk management within the organization.
   - **Compliance & Auditing:** Continuously audit ICT systems and services for compliance with DORA.
   - **Incident Management:** Develop a comprehensive incident response plan and ensure timely reporting of ICT-related disruptions to authorities.
   - **Third-Party Vendor Oversight:** Assess third-party ICT providers for compliance with resilience standards, ensuring continuity and security of critical systems.
   
6. **Penalties for Non-Compliance**
   - Regulatory fines and sanctions can be imposed for failing to comply with DORA’s requirements.
   - Authorities may require remediation plans for entities found lacking in ICT resilience.

7. **Practical Compliance Steps**
   - Implement an **ICT risk management framework** aligned with DORA’s guidelines.
   - Regularly test and audit systems for operational resilience, including conducting simulated cyberattacks.
   - Ensure **third-party ICT vendors** are compliant with resilience standards through binding contracts and oversight.
   - Establish a **clear incident reporting protocol** and document all incidents, impacts, and response actions.
   - Conduct continuous **cybersecurity training** and awareness programs for staff to mitigate internal risks.