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Partnership with DORA to Enhance UK’s Financial Cybersecurity Resilience
M-Files, a prominent player in the document management sector, has stressed the urgent need for UK businesses to enhance their cybersecurity measures amidst escalating threats.
Yohan Lobo, Industry Solutions Manager for Financial Services at M-Files, highlighted the growing cybersecurity risks facing UK organizations, citing a recent breach at the Ministry of Defence that compromised 270,000 records. This incident underscores the pressing need for robust security protocols.
The European Union’s Digital Operational Resilience Act (DORA) aims to strengthen cybersecurity standards across the financial sectors of EU member states, with compliance required by early 2025. While DORA primarily targets EU entities, its broader implications suggest that UK firms should consider adopting aspects of the framework to bolster their defenses. Lobo emphasized the universal relevance of DORA’s guidelines, providing a solid framework for effectively managing cybersecurity risks.
Adopting DORA can serve as a roadmap for businesses to enhance their cybersecurity strategies, ensuring they are well-equipped to tackle emerging threats. This includes implementing rigorous incident reporting, managing third-party relationships, and establishing processes to mitigate risks associated with cybersecurity breaches. Lobo also suggested that technology solutions automating compliance and reporting could significantly assist businesses in meeting DORA’s stringent requirements.
For UK businesses involved in the EU financial system, compliance with DORA may soon become mandatory. However, all businesses, regardless of their direct involvement with EU financial markets, are encouraged to consider DORA’s guidelines to preempt future cybersecurity challenges.
As Lobo concluded, understanding internal vulnerabilities and maintaining transparent communication with third-party IT providers are essential steps in developing a reliable security posture.
Source: fintech.global
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