Press Release
EU-Directive DORA
F24’s Digital Solution Simplifies Compliance for Companies
Munich, 6 August 2024 – With the Digital Operational Resilience Act (DORA) coming into effect on 17 January 2025, financial sector companies face increased demands in areas such as cybersecurity, ICT risks, and digital operational resilience. To address this, F24, Europe’s leading Software-as-a-Service (SaaS) provider for resilience, has developed a standalone module as part of its GRC solution, TopEase®. This digital solution enables companies subject to reporting requirements to centrally capture, consolidate, and report all data and analyses needed to comply with the DORA directive, in line with regulatory guidelines.
“Financial sector companies must respond to two key developments in terms of their cybersecurity. On one hand, they need to quickly establish appropriate structures and processes to counter the ever-growing threat of cyberattacks. On the other, stringent regulations compel them to continually adapt their strategies and systems. Our solution aims to make it as easy and resource efficient as possible for reporting companies to conduct effective risk management while meeting regulatory requirements,” says Stefanie Hach, Vice President Sales & Marketing of the Business Unit GRC at F24.
Preventive and Proactive – A Comprehensive View of Key Connections
The DORA module is part of the rule-based Governance, Risk, and Compliance (GRC) & beyond platform, TopEase®. This solution enables companies to integrate complex processes and critical connections on a single platform without redundancy, allowing them to proactively manage risks, comply with regulations, and precisely control business processes. A key advantage is the modular structure of the platform: companies do not need to replace their existing software solutions but can integrate them and selectively expand with additional TopEase® modules. Companies required to comply with the DORA directive will have the technical capabilities to meet regulatory requirements efficiently and avoid redundancies.
“The functionalities of the DORA module are a great help to us,” confirms Khalid Ahmad from Deutsche WertpapierService Bank AG, a user of the module. “Particularly noteworthy is the ability to map the required information register in the tool. Other useful features include pre-configured options for assessments and comprehensive management of all ICT risks. TopEase also supports compliant reporting. All these features significantly ease our compliance with the DORA requirements.”
Adaptable Solutions for a Dynamic Compliance Landscape
The Digital Operational Resilience Act (DORA) is an EU regulation aimed at strengthening the digital resilience of financial service companies and protecting the financial system. It establishes a unified framework to ensure that financial sector companies can withstand cyberattacks and other digital threats. Financial institutions such as banks, insurers, and securities firms, as well as their IT service providers, fall within the scope of the regulation. They are required to report major IT incidents to supervisory authorities from 17 January 2025, monitor, assess, and mitigate risks, participate in EU-wide cyber stress tests, and conduct thorough due diligence on their third-party providers.
In a rapidly changing regulatory landscape, solutions that can flexibly respond to complex requirements are essential. F24 focuses on practical development in close collaboration with its clients.
“We have been using TopEase for years and appreciate the continuous enhancement of its functionalities, which always address the latest regulatory changes. We particularly valued the close coordination with the F24 team during the development phase. Our feedback and requirements were considered, resulting in a helpful and tailored solution,” says Khalid Ahmad from Deutsche WertpapierService Bank AG.
Find further information on TopEase® at
https://topease.f24.com/en/
Press contact:
F24 AG
Dr Stefanie Hauer
SVP Marketing & Communications
presse@f24.com
www.f24.com
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About F24
F24 is Europe’s leading Software-as-a-Service (SaaS) provider for resilience. More than 5,500 customers worldwide rely on F24’s digital solutions, which support companies and organisations through all areas of resilience. Solutions cover business messaging and service notification, emergency and mass notification, incident and crisis management, as well as governance, risk and compliance.
F24 supports customers in virtually every sector ranging from energy, healthcare, industry, finance, IT, tourism and aviation to a wide variety of public organisations. Many years of international experience have made F24 experts in improving resilience with digital solutions.