Black Kite, the pioneer in third-party cyber risk intelligence, announced that it has integrated the European Union (EU) Digital Operational Resilience Act (DORA) framework into the Black Kite Platform.
The regulations, which go into effect on January 17, 2025, are designed to improve resilience and cybersecurity posture in organisations operating in the financial sector.
Third-party data breaches
The financial industry is one of the most highly targeted industries for cyber attacks due to the significant capital and sensitive data it harbours. In fact, according to Black Kite’s Third-Party Breach Report, last year finance and insurance were the second most affected industries by third-party data breaches. DORA is working to combat these threats by building on existing laws, such as the NIS Directive and GDPR, to close gaps in digital and third-party risk management.
DORA is working to combat these threats by building on existing laws
More than 21,000 EU financial institutions, such as banks, credit companies and information and communications technology (ICT) third-party service providers will be required to comply with DORA, and failure to do so could result in substantial fines. This complex process requires parsing through lengthy documents and coordinating with third-party vendors, so a solution is needed to streamline tasks to ensure compliance is done quickly and efficiently.
DORA industry framework
Users can also map DORA controls to other frameworks in the platform in seconds
Black Kite is helping EU financial organisations meet these mandates by integrating the DORA industry framework into the Black Kite Platform under its compliance module. Using Black Kite’s UniQue Parser 3.0, the industry’s first cyber-aware AI engine, organisations can easily process any security policy or artefact documents uploaded by vendors.
Users can also map DORA controls to other frameworks in the platform in seconds, automating the task of aligning security policies with standards. With Black Kite, companies can streamline assessments and pinpoint compliance gaps, saving companies time and greatly reducing risk.
Deadline for DORA compliance
“With the looming deadline for DORA compliance, it’s imperative that EU financial organisations take action sooner rather than later to ensure their security strategies are up-to-date,” said Chuck Schauber, chief product officer at Black Kite.
“By leveraging Black Kite’s proprietary AI engine, companies can easily navigate the complex compliance landscape faster and more efficiently than traditional methods.”
