Securing the Financial Sector: How Greenbone Supports DORA Compliance
The global financial sector has been under siege from high-profile cyber attacks, compromising trust in financial systems and leaving citizens vulnerable to data breaches. These incidents have highlighted the importance of securing financial technology providers, as cyber attacks such as fraudulent wire transfers, ATM hacking, POS malware, and data theft continue to plague banks around the world. The impact of sensitive Personal Identifiable Information (PII) being stolen is even more devastating, as it can be sold on darknet marketplaces and used by attackers to commit identity theft, open fraudulent bank accounts, or conduct social engineering against individuals directly.
In response to these escalating threats, the European Union has enacted the Digital Operational Resilience Act (DORA), a new legal framework designed to strengthen the EU's financial sector cybersecurity posture. With its goal of standardizing cybersecurity governance and risk management requirements, DORA aims to stabilize consumer trust and bolster business confidence. But how does Greenbone support DORA compliance?
What is DORA and How Does it Apply to Financial Entities?
The EU's Digital Operational Resilience Act (DORA) was published in the Official Journal of the European Union on January 16, 2023, and came into force on January 17, 2025. As part of the EU's broader Digital Finance Strategy, DORA applies to 20 different types of financial entities, including banks, insurance companies, investment firms, and Information and Communication Technology (ICT) third-party service providers. While financial entities are also subject to NIS 2 regulation as Essential Entities (EEs), under Article 4 of NIS 2, these entities must fully adhere to DORA's requirements when it comes to cybersecurity risk management and incident reporting.
Who Are the European Supervisory Authorities (ESAs) and What are Regulatory Technical Standards (RTS)?
There are three formally designated ESAs responsible for issuing Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS), which clarify DORA's requirements. The ESA entities are:
* The European Banking Authority (EBA) * The European Insurance and Pensions Authority (EIOPA) * The European Securities and Markets Authority (ESMA)
RTS define the required technical standards that entities covered by DORA must adhere to, providing detailed guidance for consistent application across the EU financial sector.
What are Implementing Technical Standards (ITS)?
ITS are detailed rules that specify how financial entities must comply with obligations. They translate DORA's general provisions into precise operational, procedural, and reporting standards, addressing incident reporting, tracking of ICT third-party relationships and assessments, threat-led penetration testing (TLPT), and cyber threat information sharing.
Greenbone's Support for DORA Compliance
Greenbone is an ally in supporting DORA compliance for covered entities with its established and trusted suite of enterprise vulnerability management products and compliance reporting tools. Our products support resilient data sovereignty, and detailed security assessment reporting, enabling early awareness of security vulnerabilities to strengthen operational resilience.
True Cyber Risk Mitigation: Not Just About Meeting Compliance Checkboxes
Defenders must be proactive in detecting emerging risks as early as possible to strengthen operational resilience. Greenbone enables early awareness of security vulnerabilities allowing the IT defenders of Europe's financial entities to fix them before cyber breaches occur.