European Union: Reached provisional agreement between European Parliament and Council on Regulation on digital operational resilience for the financial sector (DORA) including cybersecurity measures

On 10 May 2022, the European Parliament and the Council of the European Union announced that a provisional agreement on the Regulation on digital operational resilience for the financial sector (DORA) Proposal was reached. The Proposal outlines cybersecurity requirements to ensure the financial sector's digital operational resilience. In particular, the Proposal outlines requirements regarding governance and management of information and communications technology (ICT) related risks and the obligation to report ICT-related incidents to harmonise European responses to cyber threats. Furthermore, the Proposal would require digital financial services providers to test their digital operational resilience, conduct third-party risks assessment and share the information with the authorities to prevent cyber threats. The text of the provisional agreement on (DORA) Proposal now goes to the Council and European Parliament for adoption.