DORA, or the Digital Operational Resilience Act, is a new regulation aimed at making the financial sector in the European Union more secure and resilient. Its main goal is to ensure that financial institutions, such as banks, asset managers, family offices, insurance companies, and payment services, can handle risks related to technology effectively. By following the rules set by DORA, financial organizations can better protect themselves from cyberattacks, technical failures, and other challenges that might disrupt their operations.
DORA creates a set of rules that organizations must follow to reduce risks. It focuses on areas such as managing technology-related risks, reporting incidents quickly, testing systems regularly to check their resilience, and monitoring the security of third-party service providers. These measures make the digital environment safer for financial institutions and the people who depend on their services.
Financial entities must implement structured ICT risk management processes to identify, evaluate, and address technology-related risks. At Jay Solutions, we conduct regular risk assessments as part of our information security annual clock and ISO 27001 compliance program.
By regularly checking for potential risks in our systems, we can identify vulnerabilities, prioritize the most important issues, and take action to address them. This helps us stay compliant with ISO 27001 and DORA and ensures we are always improving our security practices. This includes assessing risks that could impact our core business operations or the services and data we provide to clients. By managing these risks effectively, we ensure business continuity for both us and our clients. With automated monitoring tools like Wiz, vulnerability scanning, and manual reviews, we ensure our systems are resilient against potential risks.
We monitor our environments continuously using our SOC team, Microsoft security toolchain and the Wiz cybersecurity platform. These tools enable advanced runtime protection and threat detection, allowing us to respond quickly to any disruptions or incidents. This ensures we can address issues efficiently while keeping stakeholders informed about the progress and resolution.
Upon detection of a security incident, our dedicated incident response team is immediately activated. The team follows a documented incident response plan to contain and isolate the breach. As part of our commitment to compliance, we collaborate closely with the National Cyber Security Centre, local authorities, and other regulatory bodies.
Incidents are reported quickly to clients and relevant authorities to meet regulatory timelines. Once an issue is detected, we activate our response process to assess the situation, determine the impact, and communicate effectively with all stakeholders. Timely reporting ensures that everyone involved is aware of the issue, the measures we are taking to resolve it, and any next steps that may be required. Fast and organized communication reduces confusion, supports a coordinated response, and minimizes any potential disruptions to operations.
After an incident, we analyze what happened to understand the cause. This helps us fix vulnerabilities and prevent similar problems in the future, making our systems even stronger. We gather relevant log files (from all systems affected) and securing (forensic) evidence. We conduct a thorough forensic analysis to understand the nature and extent of the breach. We are equipped with a cybersecurity insurance policy to provide financial support in the aftermath of a data breach.
We keep a constant eye on our systems using both automated tools and manual processes. Our CSOC team, the Wiz cybersecurity platform, and various monitoring and vulnerability scanning tools help us detect and address any problems quickly. This ensures we can respond effectively to risks and keep our operations running smoothly.
Testing is a big part of how we stay resilient. We carry out several types of tests, including but not limited to:
Penetration testing simulates real-world attacks to find weak points in our systems. Experts test our applications, networks, and infrastructure to identify vulnerabilities before malicious attackers can exploit them. Fixing these gaps ensures our security measures are effective and up to date.
Making sure we can recover important systems and data quickly in case of a problem. These exercises test our ability to restore systems and data during disruptions, like technical failures or cyberattacks. We validate backup systems and recovery processes, simulating scenarios to minimize downtime and data loss. This helps us ensure smooth recovery and keeps our operations running with minimal impact.
Through scenario-based simulations, we train our teams to handle cyber incidents, system outages, and other disruptions. These exercises help us detect, respond to, and resolve incidents while improving communication and coordination. Practicing real-life scenarios ensures we are prepared for actual incidents.
To strengthen security, DORA promotes sharing information about cyber threats and vulnerabilities. At Jay Solutions, we gain valuable threat intelligence from Wiz Threat Center, which helps us stay informed about evolving risks. We are also active on key cybersecurity mailing lists where threat information is exchanged. In addition, we regularly attend events like Disobey and CitySec to learn about the latest industry developments. If security or data protection incidents occur, we follow our established processes to notify relevant authorities, such as the Cybersecurity Center, Data Protection Ombudsman, or the Financial Supervisory Authority, depending on the case.
Because we work with third-party providers, we carefully monitor their security practices. This includes:
Security practices, processes, and systems of third-party partners are evaluated regularly to confirm compliance with our standards and regulatory requirement. Assessments ensure partners align with best practices for protecting data and minimizing disruptions.
Security and compliance expectations are clearly outlined in our contracts with customers and third-party providers. These agreements ensure accountability, setting clear responsibilities for maintaining strong security and operational standards.
We scan and check for vulnerabilities in third-party devices, software, and services. This includes using various vulnerability scanning tools, CSOC (Cybersecurity Operations Center), CSPM (Cloud Security Posture Management) and CDR (Cloud Detection & Response) platforms to ensure that external dependencies do not pose risks to our operations. By identifying and addressing these vulnerabilities, we maintain a secure environment for our clients and partners.
At Jay Solutions, we remain committed to meeting these requirements and continuously improving our processes, while providing added value to our clients. Our strong focus on security means clients can trust us with their digital assets. This reduces their risk and helps them focus on their core business activities, knowing that we are safeguarding their data. By prioritizing innovation and compliance, we position ourselves as a dependable partner for financial institutions addressing today’s challenges.
DORA represents a significant opportunity to strengthen the financial ecosystem against cyber threats and operational risks. Our readiness and dedication to meeting these standards highlight our role in delivering secure and reliable solutions.
Together with our clients, we are building a stronger and more resilient future for the financial sector.
