S O LUTION BRIEF
Enabling DORA Compliance with
Bitsight
The Digital Operational Resilience Act (DORA) is a regulation that
proposes a comprehensive information and communication technology
(ICT) risk
management framework for the financial sector across the European Union
(EU). DORA encompasses a set of technical standards that financial entities
and their critical third-party service providers are required to adopt in their
ICT systems by January 17, 2025. Here’s what you need to know to meet the
deadline.
After years of inconsistent, individual regulations pushed by EU member states, DORA is harmonizing eGorts to
establish a universal framework for managing and mitigating ICT risk in the financial sector. With a shared set of
rules across the EU, DORA creates a comprehensive approach to ensuring organisations can withstand, respond, and
recover from the impacts of ICT incidents, thereby continuing to deliver critical and important functions and
minimizing disruption for customers and the financial system.
DORA promotes the need to establish robust measures and controls on systems, tools, and third parties—as well as
the need to have the right continuity plans in place and test their eGectiveness.
The five pillars of D O R A
1. ICT Risk Management
2. ICT Incident reporting
3. Digital operational resilience testing 0 4
Information and intelligence sharing 0 5
ICT Third-Party Risk Management
The five pillars of
DORA
1. ICT Risk Management
Governance (accountable management body)
Scope of application Risk management framework and associated activities (identification, protection and prevention,
detection, response and recovery, learning and evolving, crisis communication)
Bitsight helps organisations to comply with the governance principles around ICT risk.
How we can help This includes identifying risk tolerance for ICT risk, based on the risk appetite of the organisation and the
impact tolerance of ICT disruptions.
Security Rating measures the organisation and its third-party risk for financial service providers and their
Bitsight features ICT vendor ecosystem
Mapping Risk Vectors to frameworks
2. ICT Incident
reporting Standardized incident classification
Scope of application Compulsory and standardized reporting of major
incidents Anonymized EU-wide reports
Bitsight helps to assess incident classification based on a set of specific criteria such as number of users
How we can help affected, duration, geographical spread, data loss, severity of impact on ICT systems, and criticality of
services affected
and economic impact.
Bitsight features Risk Vector Alerts based on business context and/or
services Data breach reporting and classification
Risk hunting through filters
3. Digital operational resilience
testing Comprehensive testing program, with a focus on technical testing
Scope of application Large-scale, threat-led live tests performed by independent testers every three years
Bitsight partners with security and risk leaders focused on managing cybersecurity performance to
systematically lower breach risk across the full ecosystem. Our cyber risk management capabilities span
How we can help across organisations, its third- and fourth-parties —and empower teams to test and measure the
effectiveness of the
risk management framework.
Bitsight detects malware, botnets, and compromised systems data (at the event level) from the outside
Bitsight features Continuous monitoring of internet-facing resources based on potential breach risk drivers and risk-based
analysis Rating correlates to the likelihood of a data breach, providing risk quantification at scale
Fourth-party data allows for identification of risk concentration (such as which cloud providers are more
prevalent) Intel at scale for ICT/vendor ecosystem in an automated way (including alerts and risk tiering)
4. Information and intelligence
sharing Guidelines on information sharing arrangements for cyber threats and vulnerabilities
Scope of application
Bitsight facilitates sharing of information and intelligence on cyber threats between
How we can help financial organisations —enabling them to be better prepared to address digital vulnerabilities.
Bitsight features EVAs allow for information sharing between stakeholders
5. ICT Third-Party Risk
Management Strategy, policy, and standardized register of information
Scope of application Guidelines for pre-contract assessment, contract contents, termination, and stressed exit
Create oversight framework for critical providers across the EU with clear requirements and penalties
Bitsight helps firms ensure they have an appropriate level of effective security controls and monitoring of their
How we can help ICT third parties in place —specifically targeting those that can be deemed critical to their supply chain, as
well as
setting up oversight on specific providers that can be considered critical to the global market.
Bitsight features Continuous Monitoring provides immediate warnings of changes in vendors’ security status, rather
than point-in-time annual assessments of vendor risk
Tiering and segmenting vendors by business context aligned with third-party inventory
Bitsight VRM automates and scales vendor onboarding and risk assessments with custom
requirements Improved collaboration through EVAs to create an onboarding baseline
Customers can dictate to vendors how the rating or event / risk level KPIs need to be managed (or
additional measures allowed)
Third-party vulnerability detection and response shows vendor exposure to known vulnerabilities and
enables collaborative, evidence-based remediation
Bitsight currently has NIST based alerts, and is able to map risk vectors to specific frameworks such as
ISO 27001 or common vendor questionnaires
The road to DORA
The European Commission proposed DORA in September 2020 as part of a larger package that also includes a
Digital Finance Strategy with legislative proposals on crypto-assets and digital resilience. The Council of the
European Union and the European Parliament formally adopted DORA in November 2022, and the European
Supervisory Authorities (ESAs) are drafting the regulatory technical standards (RTS) and implementing technical
standards (ITS) that will pave the way for compliance. These standards, as well as an oversight framework for
critical ICT providers, are anticipated to reach their definitive form in 2024.
With the clock ticking, financial entities and third-party ICT service providers are working towards the
imminent deadline of January 17, 2025.
DORA compliance with Bitsight
Bitsight enables organisations to systematically lower cyber risk by supporting critical workflows across risk,
performance, and exposure. Security leaders can continuously measure the eGectiveness of controls
recommended by best practice frameworks, and map risk vector data to controls frameworks and
questionnaire-based assessments—allowing them to trust but verify vendor responses and improve visibility
over risk.
With increased reliance on the cloud and service providers, managing third-party risk has become increasingly
challenging. But based on history in an industry we created in 2011, Bitsight gives leaders the confidence to make
faster, more strategic cyber risk management decisions. To assess performance, qualify vendors, prioritise
investments, and minimize financial loss. At scale.
By actively monitoring over 40 million organisations worldwide, Bitsight empowers security teams to establish
a universal understanding of cyber risk, going beyond ratings to provide financial and business context. And we
ensure organisations collectively reduce risk to foster digital operational resilience.
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Legal Disclaimer: This Solution Brief does not constitute legal advice, and you should consult your own legal counsel with respect
to the applicability of laws and regulations to your own business operations. Streamlined onboarding and assessment through a native
integration with Bitsight VRM.
Bitsight is a cyber risk management leader transforming how companies manage exposure, performance, and risk for themselves and their third
parties. Companies rely on Bitsight to prioritize their cybersecurity investments, build greater trust within their ecosystem, and reduce their
chances of financial loss. Built on over a decade of technological innovation, its integrated solutions deliver value across enterprise security
performance, digital supply chains, cyber insurance, and data analysis.
B O S T O N (HQ) RALEIGH NEW YORK LISBON SINGAPORE BUENOS AIRES
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