DORA requires banks, insurance companies and investment to strengthen their IT security.
The EU regulation also seeks to ensure the financial services industry is resilient in the event of a severe disruption to operations.
These IT providers often deliver "critical digital services to customers," said Joe Vaccaro, general manager of Cisco-owned internet quality monitoring firm ThousandEyes.
This has made banks and other financial services providers more vulnerable to cyberattacks and other incidents.
DORA will focus more on banks' digital supply chain — which represents a new, potentially less comfortable legal dynamic for financial firms.
Persons:
DORA, DORA —, Charles Schwab —, Mike Sleightholme, Joe Vaccaro, Banks, Vaccaro, Sleightholme, it's, Carl Leonard, Leonard, Stephen McDermid, Okta, Fredrik Forslund, Blancco, there's, Forslund
Organizations:
Getty, Financial, European Union, CNBC, JPMorgan Chase, Santander, Visa, Broadridge, Cisco, EU, Data
Locations:
European, EU, DORA, noncompliance