Digital resilience is about evolving and adapting to new threats and opportunities. Article 12 of the Digital Operational Resilience Act (DORA) lays out guidelines for financial entities operating within the European Union to continually learn, adapt, and evolve their ICT risk management frameworks. Let’s delve into each section of Article 12 to understand its comprehensive approach to learning and evolving.
Gathering Information on Vulnerabilities and Threats
Financial entities are mandated to gather information on vulnerabilities, cyber threats, and ICT-related incidents. Tailored to each entity’s size, business model, and risk profile, this information collection is vital for understanding and preparing for threats that could potentially impact digital operational resilience.
- Constant vigilance and information gathering are required.
- A specialized team or staff should be in place for this specific task.
Post-ICT Incident Reviews
After any significant ICT disruptions, financial entities are required to conduct in-depth reviews to analyze the causes and to identify potential areas for improvement. These reviews must be communicated to competent authorities and are essential for making informed changes in ICT operations or business continuity policies.
Promptness and Effectiveness
The post-incident reviews focus on several elements:
- The speed and quality of responding to security alerts.
- The forensic analysis of the incident.
- How efficiently the incident was escalated within the entity.
- The effectiveness of both internal and external communication.
Continuous Learning from Real-world Incidents
Article 12 emphasizes the importance of incorporating lessons learned from digital operational resilience testing and real-world ICT incidents into ongoing ICT risk assessment processes. This proactive approach ensures that the ICT risk management framework is dynamic and responsive to evolving challenges and threats.
Monitoring and Mapping ICT Risks
Financial entities are also tasked with monitoring the effectiveness of their digital resilience strategies. This involves mapping the evolution of ICT risks over time and analyzing the frequency, types, and magnitude of ICT-related incidents, especially cyber-attacks.
Reporting and Recommendations
Senior ICT staff must report at least annually to the management body about the findings and lessons learned, offering recommendations for further action.
Employee Training and Technological Developments
Lastly, Article 12 mandates the creation of ICT security awareness programs and digital operational resilience training modules for all employees. Furthermore, financial entities should keep abreast of technological developments that may impact ICT security and operational resilience.
Article 12 of DORA underlines the need for an ongoing commitment to learning and evolving in the realm of digital operational resilience. From risk assessment and post-incident reviews to staff training and awareness, the article provides a roadmap for financial entities to stay ahead in this critical area.
Now that you are equipped with a thorough understanding of DORA’s Article 12, what steps will you take to ensure your financial entity is continually learning and evolving for maximum digital resilience?