Enhancing Operational Continuity with SES Software Escrow & DORA Compliance

How SES’s Software Escrow solutions can enhance and support operational continuity in line with the Digital Operational Resilience Act

With the Digital Operational Resilience Act (DORA) having come into force, financial institutions and their third-party ICT providers are now in a critical preparation phase. By January 2025, they must fully comply with the new requirements focused on the operational stability of digital systems. As we stand 12 months before this deadline, the urgency for entities within the EU's financial sector to solidify their operational resilience strategies is paramount. SES, leveraging its deep expertise in software escrow services, guiding companies to align with DORA's standards and improve their digital resilience.

Understanding DORA's Requirements

DORA aims to standardise the digital operational resilience framework for financial entities across the EU, introducing comprehensive requirements that cover ICT risk management, incident reporting, and the management of ICT third-party risks. A key aspect of DORA is its emphasis on ensuring that financial entities and their third-party IT service providers can maintain continuous operation despite ICT disruptions.

SES's Preparation for DORA

In anticipation of DORA's requirements, SES has undertaken significant steps to align its software escrow services with the act's objectives:

1. Enhanced ICT Risk Management: SES's software escrow solutions are designed to mitigate the risk of software unavailability, a critical component of ICT risk management under DORA. By securing the source code, essential data and digital assets with SES, financial entities can safeguard against disruptions caused by software vendor failure or other unforeseen circumstances.
2. Operational Resilience Testing: SES conducts thorough testing of the escrowed materials to ensure they are complete, up to date, and deployable. This practice supports DORA's requirement for digital operational resilience testing, providing entities with the assurance that they can continue operations without interruption.
3. Third-Party Risk Management: SES's software escrow agreements facilitate greater control and transparency over third-party IT services, directly addressing DORA's focus on managing ICT third-party risk. By incorporating software escrow into their third-party management strategies, financial entities can demonstrate a proactive approach to minimizing potential vulnerabilities.
4. Verified Customer Satisfaction: SES prides itself on delivering exceptional service as evidenced by our 5-star average customer rating on Feefo. This rating reflects our commitment to quality and the trust our clients place in our software escrow solutions.

The Value of Software Escrow in a DORA-Compliant World

Software escrow services like those provided by SES offer several benefits in the context of DORA compliance:

• Business Continuity Assurance: With critical software applications and data securely held in escrow, financial entities can ensure continuity of operations, even in the event of third-party failures.
• Regulatory Compliance: Employing software escrow services helps entities meet DORA's regulatory requirements, particularly in managing ICT third-party risk and ensuring operational resilience.
• Stakeholder Confidence: Demonstrating a commitment to operational resilience through software escrow arrangements can enhance confidence among stakeholders, including regulators, customers, and partners.

Conclusion

As DORA sets new standards for digital operational resilience in the financial sector, SES is at the forefront of providing software escrow solutions that support compliance and enhance operational resilience. By leveraging SES's services, financial entities can navigate the challenges posed by DORA, ensuring they are well-prepared to meet its requirements and maintain continuous operation in the face of digital disruptions.

For a comprehensive understanding of our offerings and to discuss tailored solutions for your firm, get in touch with our Insurance and Finance Sector Consultant, Tom Wheeler at [email protected]