DORA EU: Building Resilience with ISO 27001 and ISO 22301

The European Union’s Digital Operational Resilience Act (DORA) is a game-changer for financial institutions. Coming into effect in stages, DORA mandates robust cybersecurity and operational resilience measures to safeguard critical operations from cyberattacks and disruptions. While navigating new regulations can be daunting, existing international standards can provide a solid foundation for demonstrating DORA compliance. Let’s explore how ISO 27001 and ISO 22301 can empower financial institutions to meet DORA’s requirements. More information can be found here: https://www.digital-operational-resilience-act.com/DORA_Articles.html

Building a Fortress of Resilience

DORA focuses on three core pillars:

• Risk Management: Financial institutions must establish a comprehensive framework to identify, analyse, and mitigate ICT (Information and Communication Technology) risks. This includes robust incident response plans and regular testing.

• Incident Management: Swift and effective response to cyberattacks and operational disruptions is crucial. DORA mandates clear reporting procedures and recovery strategies.

• Testing and Reporting: Regular testing of incident response plans and reporting of incidents to authorities are essential for demonstrating preparedness.

ISO 27001: The Information Security Shield

ISO 27001 is the international standard for Information Security Management Systems (ISMS). Implementing an ISMS aligns perfectly with DORA’s risk management pillar. Here’s how:

• Systematic Approach: ISO 27001 provides a structured framework for identifying, classifying, and managing information security risks. This aligns with DORA’s requirement for a comprehensive risk management strategy.

• Access Controls: ISO 27001 emphasizes robust access controls, a critical element in preventing unauthorized access and mitigating cyber threats, which directly addresses DORA’s focus on ICT risk management.

• Incident Response: The standard outlines best practices for incident identification, reporting, and recovery, supporting DORA’s incident management requirements.

ISO 22301: The Business Continuity Lifeline

ISO 22301, the standard for Business Continuity Management Systems (BCMS), complements ISO 27001 by focusing on operational resilience. Here’s how it helps meet DORA’s requirements:

• Disruption Preparedness: ISO 22301 emphasizes creating a business continuity plan (BCP) that outlines procedures for recovering from disruptions, aligning perfectly with DORA’s mandate for robust incident response plans.

• Testing and Improvement: The standard advocates for regular testing and improvement of the BCP, ensuring your organisation is prepared for unforeseen events, a key element of DORA’s testing and reporting pillar.

A Symbiotic Approach

While ISO 27001 and ISO 22301 address distinct areas, they work seamlessly together. Implementing both standards demonstrates a holistic approach to operational resilience, exceeding DORA’s baseline requirements. Get in touch today to see how we can help implement or maintain these standards within your business: https://csc2.co.uk/services

Conclusion

DORA presents an opportunity for financial institutions to strengthen their cybersecurity posture and operational resilience. By leveraging established standards like ISO 27001 and ISO 22301, organisations can streamline compliance efforts, build trust with stakeholders, and solidify their position in the evolving financial landscape. Remember, achieving compliance is just the first step. A continuous improvement mindset is vital for long-term success.