“Vámonos!” Declares DORA, but 43% of UK Financial Services Say “No”

By Adam Parlett for Information Security Buzz
Monday, February 3, 2025

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Dr. Ilia Kolochenko, CEO of ImmuniWeb and a Fellow at the British Computer Society (BCS), has likened the introduction of DORA in 2025 to the adoption of GDPR in 2018. Kolochenko points out how, at that time, “effectively no single large company or financial institution was fully compliant with numerous GDRP requirements.” He envisages “progressive but slow improvements on both sides of the Atlantic” and suggests that some financial institutions may wait and see the details of the first wave of enforcement actions against non-compliant companies to see how a potential compares against implementation costs.

Whilst highlighting how some companies may well take a dubious position when it comes to evaluating cost versus benefits, he does sympathize with the struggles financial organizations face with this issue. He identifies that “Today, with numerous third parties having privileged access to critical business data, multicloud or hybrid data storage environments, vulnerable mobile and smart/IoT devices utilized for business purposes, and the rapid proliferation of untested or unreliable AI tools, DORA compliance may be either cost prohibitive or simply impossible from a technical viewpoint.”

As difficult and inconvenient as the new standards may be, the deadline has passed, and DORA is in effect. Eyes will now turn to The European Supervisory Authorities (ESAs), who have the authority to impose fines for non-compliance. Read Full Article