ESAs Launch Public Consultation on DORA Implementation

On 19 June 2023, the European Supervisory Authorities (ESAs), namely the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) have launched a public consultation focusing on the first batch of policy products under the DORA. This includes one set of draft implementing technical standards (ITS) as well as four draft regulatory technical standards (RTS).  

Information and communication technology (ICT) facilitates the financial sector's daily operations. The extended use of ICT systems improves consumer experience and internal process efficiency, but it also brings risks and vulnerabilities that could expose financial firms to cyberattacks or other incidents. If ICT risks are not adequately handled, they could result in the interruption of financial services, which are frequently provided across borders and have a significant impact on other businesses, industries, or even the overall economy. The possibility of such cross-border and cross-sectoral disruptions emphasizes the significance of the financial sector's digital operational resilience.

As a measure, the Digital Operational Resilience Act (DORA) has been implemented within the EU Financial sector towards the end of 2022, harmonising 21 different types of financial entities across the EU.

The ESAs have been authorised by the DORA to collaboratively create 13 policy instruments in total across two bathes. The first batch of technical standards, on which the ESAs launched a public consultation are the following:

• RTS on ICT risk management framework and RTS on simplified ICT risk management framework;
• RTS on criteria for the classification of ICT-related incidents;
• ITS to establish the templates for the register of information;
• RTS to specify the policy on ICT services performed by ICT third-party providers.

The surveys can be accessed above, and comments shall be accepted by The Malta Chamber until Monday 4 September 2023.

We encourage you to get in touch with our experts in order to identify how your company shall be impacted by the DORA Regulation, and how to create a strategy that fits your goals. With a deep understanding of regulations and a focus on your needs, our team is ready to assist you throughout this consultation process.