Finance and ICT Regulation Compliance
Achieve operational resilience and DORA compliance with Hammer
Your guide to the EU’s new mandatory testing regulation
Getting DORA compliant
The impact of the Digital Operational Resilience Act (DORA)
Banks, insurance companies, investment firms, and ICT service providers are preparing for one of the strictest resiliency regulations ever to hit the already heavily regulated sector. On January 17, 2025, any financial entity or information communication technology (ICT) operating in the European Union must comply with the Digital Operational Resilience Act (DORA). That means more than 22,000 organizations around the world will need to develop and implement a comprehensive operational resilience framework or face fines for non-compliance, increased regulatory scrutiny, and potential criminal liability.
What does DORA compliance require?
The DORA was written to ensure that ICT organizations and financial entities in the EU can stay resilient in the event of severe operational disruptions – ranging from technology failures to cyberattacks. Complying with the Digital Operational Resilience Act requires comprehensive testing and monitoring to ensure your organization’s preparedness for these disruptions and disasters, which can be complex and costly to do – particularly within the established deadline.
Hammer streamlines the complexity of DORA compliance, helping you to ensure adherence to DORA security requirements and mitigate risks with automated testing and monitoring solutions that empower financial entities and ICT service providers to:
- Identify, assess, and manage ICT risks with a comprehensive view of threats and vulnerabilities in their ICT environments.
- Report major ICT-related incidents to the relevant DORA authorities with real-time monitoring and alerting capabilities.
- Maintain robust operational resiliency and redundancy with comprehensive end-to-end performance and quality assurance testing.
- Manage vulnerabilities associated with outsourced ICT-related services by providing visibility into the third party’s ICT environment and security posture.
Industry Perspective on DORA
22,000 organizations will need to comply with DORA by 2025
Give your team the essentials they need to start developing a DORA compliant operational resilience framework today.
Hammer DORA support solutions
Hammer DORA support solutions
Hammer On-Demand Performance Testing
Hammer On-Demand Performance Testing empowers your team to rapidly create and execute on-demand performance tests and vulnerability assessments whenever they need to, ensuring issues can be fixed before they impact operational resilience and customer experience.
Hammer DORA support solutions
Hammer VoiceWatch
By offering continuous monitoring and proactive alerts, VoiceWatch by Hammer helps organizations proactively address issues, reducing the likelihood of operational disruptions or compliance breaches.
Hammer DORA support solutions
Hammer On-Demand QA Testing
Hammer On-Demand Quality Assurance streamlines testing across your ICT environment. Implement routine functional and regression testing in a pre-production environment to meet DORA compliance and verify the optimal performance of new and upgraded ICT components.
A history of operational fines in the finance sector
TSB Bank | £48.65 million
In December 2022, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) fined TSB Bank £48.65 million for operational resilience failings that led to a major IT outage in April 2018. The outage caused significant disruption to customers, including being unable to access their accounts or make payments.
Raphaels Bank | £1.89 million
In April 2022, the FCA fined Raphaels Bank £1.89 million for failing to properly manage its outsourcing arrangements. The FCA found that Raphaels had inadequate systems and controls in place to oversee its outsourcing providers, which exposed customers to unnecessary and avoidable harm and inconvenience.
Barclays Bank | £26 million
In 2021, the Financial Conduct Authority (FCA) fined Barclays Bank £26 million for failing to manage its operational resilience adequately. At the time, this was the largest fine ever imposed by the FCA for an operational resilience violation.
Westpac Banking Corporation | $14 million
In January 2021, the Australian Prudential Regulation Authority (APRA) fined Westpac Banking Corporation $14 million for failing to adequately manage its operational resilience risks. APRA found that Westpac had failed to implement and maintain adequate systems and controls to prevent and manage operational incidents, leading to outages and disruptions for customers.
Commonwealth Bank of Australia | $200 million
In February 2021, the US Securities and Exchange Commission (SEC) fined the Commonwealth Bank of Australia $200 million for failing to adequately supervise its foreign exchange trading business. The SEC found that the bank had failed to implement and maintain adequate risk management controls, which led to significant losses for its customers.