HOW SNARE CAN SUPPORT YOUR DORA COMPLIANCE

The January 2025 deadline for compliance with the Digital Operational Resilience Act (DORA) has passed, and financial institutions across Europe must now meet stringent DORA standards. The consequences for organizations that have not yet aligned their operations with DORA can include severe penalties, operational risks, and reputational damage.

DORA is a European Union (EU) regulation that was formally adopted on 16 January 2023 and became enforceable on 17 January 2025. It improves the IT security of financial entities such as banks, insurance companies, and investment firms, strengthening Europe’s financial sector resilience in the event of severe operational disruptions. DORA harmonizes operational resilience rules across 20 different types of financial entities and ICT third-party service providers.

Below, we explain how our Snare solutions support organizations with ICT risk management framework and incident management reporting, two requirements outlined in DORA.

To check whether you’re within the scope for DORA, please follow the link below:

https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en

WHAT DO THE STRICTER REQUIREMENTS MEAN AND HOW CAN YOU MEET THEM?

DORA imposes stringent requirements for managing ICT risks and responding to incidents. Financial institutions failing to comply face operational disruptions, reputational damage, and significant financial penalties, which could severely impact their global operations.

Our Snare solutions can help financial organizations collect and analyze log data across various systems automatically. This includes logs from desktops, servers, applications, network devices, and cloud environments such as AWS, Azure, and Oracle. Snare helps identify unusual user and system activity, detect anomalies, and address areas of non-compliance by centralizing and examining this data. This capability provides financial institutions with a solid foundation to meet DORA’s governance, risk management, and incident reporting requirements.

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ICT RISK MANAGEMENT FRAMEWORK

“Financial entities shall have a sound, comprehensive, and well-documented ICT risk management framework as part of their overall risk management system, which enables them to address ICT risk quickly, efficiently and comprehensively and to ensure a high level of digital operational resilience.“ – Article 6

DORA requires financial entities to implement a comprehensive ICT risk management framework to protect data integrity, address risks swiftly, and maintain service continuity. Our Snare solutions collect logs centrally from desktops, servers, applications, network devices, and cloud platforms such as AWS, Azure, and Oracle. This centralized log collection creates complete visibility across the ICT environment and helps to identify unusual system and user activity and with daily cyber hygiene log reviews effectively.

Snare includes over 850 pre-configured reports to monitor user activity, audit access controls, and maintain immutable audit trails. These reports support governance frameworks by providing actionable insights. Our integration with third party security information and event management (SIEM) platforms like Splunk, Devo, Securonix, Secure Works and IBM QRadar etc prioritizes critical risks for immediate action, achieving compliance with DORA’s governance requirements.

INCIDENT MANAGEMENT REPORTING

“Financial entities shall define, establish, and implement an ICT-related incident management process to detect, manage and notify ICT-related incidents.“ – Article 17

DORA mandates robust incident detection and reporting policies, requiring financial institutions to identify and manage threats efficiently and meet strict regulatory deadlines. Our Snare solutions enhance incident detection through advanced log analytics and event correlation. Snare supports proactive threat response by identifying indicators of compromise (IoCs), reducing potential impacts on operations. We also have mapping to the Mitre Attack framework here https://www.snaresolutions.com/portfolio-item/mitre-attack/

Snare Central’s pre-built reporting templates simplify compliance by generating accurate, regulator-ready reports. These templates help organizations meet tight reporting deadlines, such as the 72-hour incident notification requirement. Additionally, Snare’s tamper-proof log storage maintains data integrity for compliant forensic investigations. This robust support strengthens organizations’ ability to manage incidents effectively and meet DORA’s reporting requirements.

CONFIDENTLY ADAPT TO DORA’S REGULATORY FRAMEWORK

DORA represents a significant transformation in how financial institutions across the EU address ICT risks and operational resilience. The main areas where Snare provides support are ICT risk management framework and incident management reporting.

You can maintain compliance, strengthen operational resilience, and build a foundation for continuous improvement by integrating Snare into your cybersecurity strategy. Protect your organization against evolving cyber threats and regulatory challenges with Snare’s comprehensive solutions.

DORA is just one of the key directives influencing cybersecurity practices in Europe. The NIS2 Directive, effective from October 2024, introduces new requirements for critical sectors beyond the financial industry.

Explore how Snare can support your NIS2 compliance. Read our detailed article for more insights. For additional resources on operational resilience frameworks, see the CMMC Model Overview.

Ready to take the next step? Contact our team to book a demo:

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HOW SNARE CAN SUPPORT YOUR DORA COMPLIANCE

WHAT DO THE STRICTER REQUIREMENTS MEAN AND HOW CAN YOU MEET THEM?

ICT RISK MANAGEMENT FRAMEWORK

INCIDENT MANAGEMENT REPORTING

CONFIDENTLY ADAPT TO DORA’S REGULATORY FRAMEWORK

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