Fintech
Snowflake: Proactive Strategies for Finserv Organizations on DORA
“The most trusted service providers will allow customers to mobilize their data with nearly unlimited scale, concurrency and performance, while keeping the organization’s data safe,” says Rinesh.
“DORA provides a welcome opportunity for financial services organizations to rethink their cloud and data strategies, ensuring they can efficiently move data and workloads to avoid downtime or disruption and improve resiliency.”
Communication is also key, according to Rinesh, who says leaders of financial organizations should work closely with vendors to maintain an open dialogue with regulators.
“This dialogue is a positive step for the industry, meaning that third-party providers can work together to meet requirements in a robust and compliant way, protecting data at all costs,” he continues.
“Companies will need to develop a compliance roadmap that prioritizes actions, sets realistic deadlines, and allocates resources to get ahead of regulation coming next year.”
Building a safer future with DORA
The most crucial element for financial institutions is to start implementing these measures now, ahead of schedule so that they are in the strongest possible position to deal with the coming changes.
Rinesh concludes: “Once DORA comes into effect, all regulated customers will be required to comply with the requirements and have an ICT risk management framework in place, conduct regular penetration testing and vulnerability assessments, and maintain robust business continuity plans.
“Overall DORA will enable companies to shed light on the risks they face and pave the way for a safer and more efficient global financial system.
“But only if business leaders take a proactive approach, addressing the challenges and opportunities presented by regulation and preparing for a future of greater cooperation and knowledge sharing across the industry.”