ESA Announcement (RoI's) - A Critical Milestone in Preparing for DORA Compliance

#1652922: ESA Announcement (RoI's) - A Critical Milestone in Preparing for DORA Compliance

Description:	Introduction As the cybersecurity landscape evolves, the financial sector faces unprecedented regulatory scrutiny. The European Supervisory Authorities (ESAs)—comprising the EBA, EIOPA, and ESMA—recently announced a pivotal timeline to collect data necessary for the designation of Critical ICT Third-Party Providers (CTPPs) under the Digital Operational Resilience Act (DORA). This announcement underscores the immediacy of compliance efforts as the regulation becomes applicable from 17 January 2025. For senior executives in the financial sector, this development is not just another regulatory checkpoint—it is a wake-up call to prioritise compliance readiness. Key Implications of the Announcement The ESAs have mandated competent authorities to submit registers of information on contractual arrangements by 30 April 2025. These registers will form the backbone of the CTPP designation process, enabling oversight of service providers critical to operational resilience. Although a dry run involving over 1,000 entities has already been conducted, the final standards for these registers remain in draft form, awaiting adoption. This presents an urgent challenge for financial entities to proactively align their internal documentation and ICT contracts. Why Does This Matter to You? 1. Tight Timelines: With only a few months between DORA’s application date and the submission deadline, entities must ensure complete and accurate registers of information. 2. High Stakes: Missteps in compliance could result in severe penalties, reputational damage, and operational disruptions. 3. Systemic Relevance: The ESAs aim to standardise data collection and oversee systemic entities, extending their focus beyond traditional financial institutions to third-party providers and intra-group arrangements.
More info:	https://community.icttf.org/blog/doraroideadlines

Description:

Introduction

As the cybersecurity landscape evolves, the financial sector faces unprecedented regulatory scrutiny. The European Supervisory Authorities (ESAs)—comprising the EBA, EIOPA, and ESMA—recently announced a pivotal timeline to collect data necessary for the designation of Critical ICT Third-Party Providers (CTPPs) under the Digital Operational Resilience Act (DORA).

This announcement underscores the immediacy of compliance efforts as the regulation becomes applicable from 17 January 2025.
For senior executives in the financial sector, this development is not just another regulatory checkpoint—it is a wake-up call to prioritise compliance readiness.
Key Implications of the Announcement
The ESAs have mandated competent authorities to submit registers of information on contractual arrangements by 30 April 2025. These registers will form the backbone of the CTPP designation process, enabling oversight of service providers critical to operational resilience.

Although a dry run involving over 1,000 entities has already been conducted, the final standards for these registers remain in draft form, awaiting adoption. This presents an urgent challenge for financial entities to proactively align their internal documentation and ICT contracts.
Why Does This Matter to You?
1. Tight Timelines: With only a few months between DORA’s application date and the submission deadline, entities must ensure complete and accurate registers of information.

2. High Stakes: Missteps in compliance could result in severe penalties, reputational damage, and operational disruptions.

3. Systemic Relevance: The ESAs aim to standardise data collection and oversee systemic entities, extending their focus beyond traditional financial institutions to third-party providers and intra-group arrangements.

More info:

https://community.icttf.org/blog/doraroideadlines

Date added	Nov. 19, 2024, 9:14 a.m.
Source	ICTTF
Subjects	Compliance regulations / Ethics - Various Digital Operational Resilience Act (DORA) - EU PodCasts / Webcast / Webinar / eSummit / Virtual Event etc. Security Management/Strategic Security/ROI/ROSI
Venue	April 30, 2025, midnight - April 30, 2025, midnight