Page 175 - Cyber Defense eMagazine December 2023
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Strengthening Financial Services: Embracing the Digital


            Operational Resilience Act (DORA) for Cybersecurity

            Resilience

            By Boris Khazin, Head of Governance, Risk & Compliance at EPAM Systems, Inc.


            While concerns about market volatility, liquidity management and fintech disruption are among the many
            challenges  financial  services  organizations  must  carefully  navigate,  operational  resilience  and
            cybersecurity emerge as the two most significant non-financial risks they face today. The real-world after-
            effects  of  cyber-intrusions  in  the  financial  sector  extend  far  beyond  the  balance  sheets;  they  place
            personal data in the crosshairs of nefarious actors, potentially compromise financial accounts, and put
            the stability of entire organizations in serious jeopardy. Recognizing the tremendous impact of these
            consequences, international legislation and regulations are finally coming into play.






            How We Got Here
            An examination of insurance claims reveals that cyberattacks are the leading cause of value loss within
            the financial sector, a jarring indicator of the overall urgency of the situation. A combination of factors,
            including the COVID-19 pandemic, the unstoppable shift toward digitization and the global acceptance
            of remote work, have set the stage for an all-out digital crime wave. The ensuing threats to operational
            continuity range from cyberattacks and systemic failures to data theft and ransomware, not to mention
            the reputational harm financially inflicted on victimized financial institutions.





            Cyber Defense eMagazine – December 2023 Edition                                                                                                                                                                                                          175
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