Introduction of the Digital Operational Resilience Act (DORA) and the NIS2 Directive
The Digital Operational Resilience Act (DORA) and the NIS2 Directive come into force to strengthen digital resilience in the EU.
Introduction of the Digital Operational Resilience Act (DORA)
The Digital Operational Resilience Act (DORA) came into force on January 16, 2023, just 20 days after its publication in the Official Journal of the European Union on December 27, 2022. Individual country regulators within the EU will now define specific technical requirements for regulated firms and critical third parties within their jurisdiction. While regulated firms have until the end of 2024 to be fully compliant, financial sector institutions and designated critical third parties are advised to start preparations immediately.
DORA's Impact on Digital Infrastructure
DORA is set to reshape how financial institutions handle their cybersecurity and operational risks, with enforcement beginning in January 2025.
NIS2 Directive
On the same day, January 16, 2023, the new NIS2 Directive also came into force, which will be incorporated into Swedish law in October 2024. This directive aims to further strengthen cybersecurity within the EU and is a significant step towards improving the resilience of critical infrastructures.
Conclusion
The implementation of DORA and NIS2 will be of great importance to companies in the EU. It is crucial to prepare early for the new requirements to ensure compliance and minimize potential risks.