by Andria Papageorgiou

COMPLIANCE, CYSEC, News, REGULATORYJune 20, 20230 comments

ESAs public consultation on DORA

We would like to draw your attention that the European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) launched yesterday, 19^th of June 2023, a public consultation on the first batch of policy products under the DORA.

This includes four draft regulatory technical standards (RTS) and one set of draft implementing technical standards (ITS). These technical standards aim to ensure a consistent and harmonized legal framework in the areas of ICT risk management, major ICT-related incident reporting, and ICT third-party risk management.

DORA entered into force on the 16^th of January 2023 and will apply from the 17^th of January 2025 aiming to enhance the digital operational resilience of entities across the EU sector and to further harmonize key digital operational resilience requirements for all EU financial entities.

This regulatory framework covers key areas such as:

• ICT risk management,
• ICT-related incident management and reporting,
• digital operational resilience testing and
• management of ICT third-party risk.

DORA has mandated the ESAs to jointly develop altogether 13 policy instruments in two batches. The first batch of technical standards, 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 ESAs expect to submit these draft technical standards to the European Commission by 17 January 2024.

Comments to this consultation can be sent to the ESAS by the 11^th of September 2023.

Should you have any further questions, please do not hesitate to contact us at info@apapageorgiou.com.

Disclaimer: The information contained in this article is provided for informational purposes only, and should not be construed as financial or investment or legal advice on any matter. Andria Papageorgiou Law Firm is not responsible for any actions (or lack thereof) taken as a result of relying on or in any way using information contained in this article and in no event shall be liable for any damages resulting from reliance on or use of this information.