Irish IT services firm Ergo has teamed up with legal outsourcers Johnson Hana to support organisational readiness for compliance with the Digital Operational Resilience Act (DORA).

Businesses operating in the financial sector must be DORA-compliant by January 2025 or risk hefty fines.

Resilience

The EU regulation aims to increase the resilience of the European financial market and reduce the risk of cyber attacks

Ergo and Johnson Hana have developed a tool called the DORA readiness assessment methodology, that will assess an organisation as well as its third-party service providers. 

Following a discovery and analysis process, the tool presents findings on an accessible dashboard.

It also serves as an ongoing governance monitor of potential shortfalls within the organisation as well as with third-party suppliers.

Ergo CTO Steve Blanche said: “Successful DORA implementation requires a deep understanding of both the technology landscape and the financial services sector. Not every financial service company will have the same burden – it is necessary for organisations to understand their own distinctive needs and requirements under DORA.”

Lee Morrissey of Johnson Hana said the firm has the legal expertise to provide support with the regulatory update.