Financial Institutions are in the Top 2 Industries for Cyberattacks

The financial services sector, ranking as one of the top two industries most vulnerable to cyberattacks, has seen an alarming increase in security threats. Notably, in 2022, about 60 percent of financial institutions worldwide, particularly those with assets under $5 billion, were targeted by ransomware attacks.

To counter these escalating cyber risks, financial institutions are being encouraged to strengthen their data security strategies. A key development in this effort is the implementation of the Digital Operational Resilience Act (DORA), which requires financial organizations to adopt comprehensive cybersecurity measures. Failure to comply with DORA can result in substantial fines, amounting to up to 2 percent of the institution’s total annual global turnover.

Understanding DORA and its impact is crucial for financial institutions aiming to enhance their cyber resilience and adhere to these new regulatory requirements. This knowledge is accessible through various resources and expert analyses, which delve into the specifics of DORA and offer guidance on compliance.

How Rubrik Can Assist With DORA

DORA is a European Union regulation designed to accelerate cyber resilience capabilities among financial services institutions. EU member states will need to abide by the law, which will require financial services organisations to improve their response to operational disruptions, such as cyberattacks.

Rubrik can help organisations align to the following core pillars of DORA:

  • ICT Risk Management
  • ICT-related Incident Reporting
  • Operational Resilience and testing
  • Third Party Risk Management
  • Intelligence Sharing

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