Snowflake: Proactive Strategies for Finserv Organisations on DORA

“The most reliable service providers will enable customers to mobilise their data with near-unlimited scale, concurrency and performance while keeping the organisation’s data secure,” says Rinesh. 

“DORA offers a welcome opportunity for financial service organisations to rethink their cloud and data strategies, ensuring they can efficiently shift data and workloads to avoid downtime or outages and improve resilience.”

Communication is also key, according to Rinesh, who says financial organisation leaders should work closely with providers 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, compliant way, protecting data at all costs,” he continues.

“Businesses will need to develop a compliance roadmap that prioritises actions, sets realistic timelines and assigns resources to get ahead of the regulation coming next year.”

Building a safer future with DORA

The most crucial element for financial institutions is to start implementing these measures now, putting them ahead of schedule so they are in the strongest possible position to navigate upcoming changes. 

Rinesh concludes: “Once DORA comes into force, all regulated customers will need to comply with 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 businesses to shine a light on the risks they face and pave the way for a safer, more efficient global financial system. 

“But, only if business leaders take a proactive approach, engaging with the challenges and opportunities offered by the regulation and preparing for a future of increased cooperation and knowledge-sharing across the industry.”