Feb 9 / Paul C Dwyer

DORA:Information Sharing

DORA and Information Sharing

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Information Sharing: A Pillar of Strength in the DORA Framework

In the intricate web of the financial sector, information is the lifeblood that sustains operations, drives decisions, and, crucially, fortifies defenses against cyber threats. The Digital Operational Resilience Act (DORA) recognizes this pivotal role of information sharing, making it a cornerstone of its legislative framework to enhance the cybersecurity posture of financial entities within the EU.

The Role of Information Sharing in DORA

DORA’s provisions for information sharing are not just recommendations; they are strategic imperatives designed to create a unified front against cyber threats. By facilitating the exchange of cyber threat intelligence and best practices, DORA aims to foster a culture of proactive defense and collective resilience.

Key Requirements of Information Sharing Under DORA

Article 23: This article underscores the necessity for financial entities to establish mechanisms for sharing cyber threat intelligence. It is not merely about sharing information but about creating a network of trust and cooperation.

Article 25: It encourages the development of trusted relationships, which are instrumental in the voluntary sharing of non-sensitive information. This exchange is vital for staying ahead of potential cyber threats and vulnerabilities.

Actions to Embrace Information Sharing

To align with DORA’s vision, financial entities should:

Establish Information-Sharing Protocols: Develop clear protocols and channels for information exchange, ensuring that the shared intelligence is actionable and relevant.

Cultivate Trusted Relationships: Build a network of trust with peers and partners to facilitate the free flow of non-sensitive information.

Leverage TIBER-EU Framework: Utilize the EU’s TIBER-EU framework as a guide for testing and sharing threat intelligence, thereby enhancing the collective understanding of the cyber threat landscape.

Conclusion

Information sharing is not an isolated function; it is a synergistic process that enhances the overall resilience of the financial sector. DORA’s emphasis on this aspect is a testament to its holistic approach to cybersecurity. Senior members of the financial sector are encouraged to view DORA’s requirements as an interconnected ecosystem, where each element, including information sharing, plays a critical role in the sector’s operational resilience. By embracing these requirements, financial entities not only comply with regulations but also contribute to a more robust and secure financial landscape in the EU.