Page 175 - Cyber Defense eMagazine December 2023

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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