From Regulations To Resilience: Dora Compliance With Commvault Cloud
Commvault News, Thursday, January 18th, 2024
Navigate the complexities of DORA compliance with confidence using Commvault Cloud. Explore how our comprehensive solution aligns with Articles 5 to 30, addressing cyber resilience, encryption policies, disaster recovery, threat detection, and more.
With an early 2025 enforcement deadline, tens of thousands of financial entities within the European Union - spanning traditional banks, credit institutions, payment service providers, third-party ICT service entities, and others-are quickly navigating the intricate landscape of compliance mandated by the Digital Operational Resilience Act (DORA). Entities outside the EU in the financial and Information Communication Technologies (ICT) sectors must also toe the line with DORA if they provide crucial ICT services to EU-based financial entities.
Failure to comply can mean substantial penalties and the looming specter of criminal charges. According to DORA regulations, ICT service providers may incur significant criminal and/or administrative fines which are yet to be laid out by EU Member States. For colossal enterprises with global turnovers reaching billions of dollars, such fines could escalate to tens or even hundreds of millions.