DORA 2025: The Countdown Begins

Special Report Analysis of the Digital Operational Resilience Act (DORA) and The NIS2 (Network and Information Security) Directive regulations in the Context of Enterprise Cyber Security in the EU.

Financial entities will comply with DORA requirements by early 2025.

The buzz around the new Digital Operational Resilience Act (DORA) regulation has been persistent in the financial industry. Unfortunately, many financial institutions have yet to take the necessary steps mandated by the EU. With the deadline looming, time is of the essence. However, companies can still meet the January 2025 deadline with proper organization and the right technological support.

Strengthening Authentication: DORA and NIS 2 Impact on Insurance Sector Cybersecurity

Financial institutions should not wait any longer. It’s high time to implement DORA.

The Impact of DORA and NIS2 (Network and Information Security) Directive on the Financial Sector’s Cybersecurity

It’s crucial for financial institutions to act now to implement the Digital Operational Resilience Act. But what exactly does DORA entail? Primarily, it targets entities in the financial sector, including banks, credit institutions, investment firms, payment companies, insurance companies, and their technology providers.

DORA’s main goal is to enhance the cybersecurity level across the industry. It focuses on protecting against cyber attacks and restoring operations post-security incidents. Key requirements include developing a cybersecurity policy, implementing safeguards like encryption and access control, managing ICT-related incidents, and preparing for cyber-attacks or other security breaches.

What Should Financial Institutions Do Now?

Firstly, institutions need to identify missing elements in their cyber defense. This involves establishing teams for procedure and policy development, selecting necessary solutions, and collaborating with suppliers.

Special Report on the Analysis of DORA and NIS 2 Regulations in the Context of Cybersecurity for Businesses in the EU

Special Report: Analyzing DORA and NIS 2 Regulations in the EU Business Cybersecurity Context

MFA – A Crucial Technology to Implement

While procedural aspects are straightforward, technology implementation demands collaboration and time. Digital Operational Resilience Act (DORA) doesn’t specify solutions except for one critical area: strong authentication mechanisms (MFA). This is a non-negotiable requirement, as reinforced by the Financial Supervisory Commission’s recommendations in October 2022.

MFA, or multi-component strong authentication, is an advanced user identity verification method. It requires at least two independent, hard-to-fake verification steps, involving something the user knows, owns, or is (like biometrics).

Why MFA Matters

MFA is crucial because traditional login-password systems are no match for cybercriminals. The world is moving towards passwordless authentication, and MFA is a step in that direction.

DORA and NIS2: Innovations in Digital Resilience

An Action Plan for Financial Institutions

Every DORA-covered entity must implement MFA. This can be done quickly and efficiently in time for the January 2025 deadline.

MFA implementation can be complex, but there are market tools like Secfense’s User Access Security Broker that simplify this process. This solution enables rapid MFA deployment on any application without code modification.

Companies have less and less time to strengthen their security

Advice for Financial Institutions

Start exploring the market for suitable solutions, test convincing options, and begin implementations.

The Urgency for Companies to Strengthen Security

An Offer Not To Be Missed

Secfense offers a fast-track User Access Security Broker valuation, testing, and implementation for DORA-compliant institutions.

To start complying with Digital Operational Resilience Act (DORA) and leverage the User Access Security Broker, get in touch with us https://secfense.com/contact/

Financial institutions can still successfully implement DORA requirements despite time constraints by choosing the right technologies and partners. Starting preparations now greatly increases the chances of enhancing security effectively.

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Testimonials

We are faced with new challenges every day. We must always be one step ahead of the attackers and know what they are going to do before they do it. We are convinced that the User Access Security Broker will bring security to a new level, both for those working at the office and from home. For us, working with Secfense is an opportunity to exchange experience with developers who put great value on out-of-the-box thinking.

Krzysztof Słotwiński

Business Continuity and Computer Security Officer

BNP Paribas Bank Poland

As part of the pre-implementation analysis, we verified that users utilize a wide range of client platforms: desktop computers, laptops, tablets, smartphones, and traditional mobile phones. Each of these devices differs in technological advancement, features, and level of security. Because of this, and also due to the recommendation of the Polish Financial Supervision Authority (UKNF), we decided to introduce additional protection in the form of multi-factor authentication mechanisms based on FIDO. As a result, users of our applications can log in safely, avoiding common cyber threats such as phishing, account takeover, and theft of their own and their clients’ data.

Marcin Bobruk

CEO

Sandis

We are excited to partner with Secfense to enhance our user access security for our web apps. By integrating their User Access Security Broker, we ensure seamless and secure protection for our applications and systems, delivering superior security and convenience to our customers.

Charm Abeywardana

IT & Infrastructure

Visium Networks

Before investing in Secfense, we had the opportunity to talk to its existing clients. Their reactions were unanimous: wow, it’s so easy to use. We were particularly impressed by the fact that implementing their solution does not require the involvement of IT developers. It gives Secfense a huge advantage over the competition, and at the same time opens the door to potential customers who so far were afraid of changes related to the implementation of multi-factor authentication solutions.

Mateusz Bodio

Managing Director

RKKVC

Even when the network and infrastructure are secured enough, social engineering and passwords can be used to gain control of the system by attackers. Multifactor authentication is the current trend. Secfense addresses this and allows you to build zero trust security and upgrade your current systems to passwordless applications within minutes, solving this problem right away,” said Eduard Kučera, Partner at Presto Ventures and cybersecurity expert – former Director in hugely successful Czech multinational cyber security firm Avast.

Eduard Kučera

Partner

Presto Ventures

One of the biggest challenges the world is facing today is securing our identity online. That’s why we were so keen to have Secfense in our portfolio. They make it possible to introduce strong authentication in an automated way. Until now, organizations had to selectively protect applications because the deployment of new technology was very hard, or even impossible. With Secfense, the implementation of multi-factor authentication is no longer a problem, and all organizations can use the highest standards of authentication security.

Stanislav Ivanov

Founding Partner

Tera Ventures

Two-factor authentication is known to be one of the best ways to protect against phishing; however, its implementation has always been difficult. Secfense helped us solve that problem. With their security broker, we were able to introduce various 2FA methods on our web applications at once.

Dariusz Pitala

Head of IT

MPEC S.A.