Germany

DORA (Digital Operational Resilience Act) is a supreme regulatory framework for Europe that has been put together to ensure that all financial institutions in the EU are able to withstand, respond to, and recover from any ICT disruptions and cyberattacks. The new regulation comes at a time when countries such as Germany had BAIT, whereas France had sector-specific national guidelines for ICT risk management in place. This new legislation serves to connect the dots between financial stability and digital security through its extraordinarily wide scope, which covers more than 22,000 entities in 20 different categories of finance, such as credit institutions, investment firms, CASPs, crowdfunding platforms, and, most importantly, critical third-party ICT service providers, including large cloud computing providers.