The European Council adopted the Digital Operational Resilience Act to ensure member states’ financial sectors can “stay resilient through a severe operational disruption.” DORA creates “uniform requirements” for network security and information technology systems of financial services companies, as well as third party information communication technology providers. Member states must now pass parts of the legislation “that require national transposition.” Simultaneously, relevant European Supervisory Authorities, including the European Banking Authority, will develop required technical standards for financial institutions.
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