The European Union’s Digital Operational Resilience Act (DORA) represents a new era of regulatory stipulations for financial services firms. By emphasising digital resilience, DORA introduces standards for ICT risk management, incident reporting, resilience testing, and third-party outsourcing. With DORA set to come into force in early 2025, the 24-month implementation period is crucial. The UK, through the Prudential Regulation Authority Supervisory Statement and the Financial Conduct Authority’s rules, already has stringent standards in place. Rumours suggest a UK equivalent of DORA might soon be introduced.
These regulations' implications are vast. They demand strict cyber/ICT risk management, in-depth incident reporting, resilience testing, and comprehensive third-party outsourcing management, profoundly affecting the financial industry and ICT Third Party Providers. Insurers, intermediaries, and related entities in both the UK and the EU must act proactively to ensure continued adherence.
Benefits of SES’s Software Escrow Services: SES's services are tailor-made to address the challenges posed by these new regulations. Our software escrow and continuity services allow firms to stay ahead of the regulatory curve. By securely safeguarding and periodically verifying the source code, data, and deployment environments of crucial software, SES guarantees business continuity even if there's a breakdown with a third-party IT service provider. Such a robust system offers a comprehensive solution to the mandates on ICT third-party risk management, resilience testing, and ensures continuous operations.
Embracing the Future: Given the impending enforcement of DORA and the pre-existing standards set by PRA and FCA, firms must act swiftly. SES, with its specialised software escrow and continuity services, stands as a beacon of reliability. With SES, firms don't just achieve compliance but also demonstrate their commitment to robust digital resilience. The future is digital, and SES ensures your firm is ready.
Software Escrow Services: In this evolving regulatory environment, financial services firms have a renewed responsibility, especially concerning third-party IT service providers. SES, with its vast array of software escrow and continuity services, is ready to help firms meet these challenges and attain compliance. We offer a diverse spectrum of Escrow agreements tailored for all – from Insurers, Re-insurers, Software Vendors, to Managing General Agents.
1. SES Secure – Bronze:
2. SES Secure – Silver:
3. SES Secure – Gold:
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]