Bottom line up front:
Xplorisk will ensure that your Web3/Crypto company complies with the DORA regulation.
DORA, which stands for the Digital Operational Resilience Act, was introduced in January of this year and is set to be fully implemented by January 2025.
Its objective is to strengthen businesses' resilience against cyber-attacks, thereby enhancing the stability of individual entities and the entire sector.
The regulation represents a move towards more rigorous oversight, with regular compliance assessments becoming the norm.
Why is DORA necessary?
Financial institutions face increasing threats from cybercriminals, making protecting corporate and customer data and funds/assets a top priority.
Breaches erode public trust and result in significant financial losses and reputational damage.
What does DORA cover?
It encompasses risk management related to Information and Communication Technology (ICT), incident reporting, resilience reporting, third-party risk, and information sharing.
Essentially, any sector within financial services is impacted, including banks, payment institutions, asset management, and even Web3/Crypto asset issuers/companies (this is where Xplorisk can help you).
DORA mandates resilience against increasingly sophisticated threats, prompting many organizations to seek assistance from specialists like Xplorisk and our risk assessment and mitigation platform.
The consequences for failing to comply with DORA are severe, as fines could potentially amount to a day's trading revenue, and companies and individuals could face criminal charges. However, there is a positive aspect to this. DORA does not necessitate a drastic overhaul but rather strategic adjustments, resulting in a more secure and resilient future for financial institutions.
DORA COMPLIANCE FOR WEB3 AND CRYPTO COMPANIES.
Contact us, and let's advance your DORA compliance.
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