Summit of the Supervisory Authorities on DORA

In February, the three European Supervisory Authorities – ESA (EBA, EIOPA and ESMA) held a joint event on the Digital Operational Resilience Act (DORA) that was open to the public.

The event brought together more than 2,000 representatives from credit and payment institutions, investment firms, (re)insurance companies, third-party ICT service providers and other financial players. The discussion allowed participants to interact with the Authorities on the new regulations, to share views and to raise potential concerns about the strategic policy mandates to be developed by the ESA in the years 2023 and 2024.

Petra Hielkema, President of EIOPA, emphasised in her opening speech that the European Supervisory Authorities “look forward to further enhancing the operational resilience of the financial sector by supporting the supervisory community and the industry in mitigating risks and seizing opportunities of digital transformation, including through the implementation of DORA”. Gerry Cross, Chairman of the Joint Subcommittee on Digital Operational Resilience, further stated that “the implementation of DORA is uniquely cross-industry and consequential” and that “the regulatory community is strongly committed to its successful implementation”.

High-level experts from the three authorities gave a general overview of the strategic policy assignments and asked participants to share their views. In particular, the assignments concerning ICT risk management, incident reporting, information register and criticality criteria were addressed.