Following this announcement, Eastnets aims to provide its customers with optimised benefits and an overall safer experience. Its early compliance with DORA requirements will also accelerate its development process within the financial ecosystem.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The Digital Operational Resilience Act (DORA) was developed in order to establish mandatory standards to strengthen cybersecurity and operational resilience across the overall services industry, a process that will impact both financial institutions and their third-party technology providers. This regulation also requires compliance with stringent measures, including risk assessments, third-party oversight, and operational continuity.
According to the official press release, Eastnets undertook a comprehensive process in order to meet DORA’s requirements, including the procedure of screening all critical third-party providers (TPPs) using a DORA-centric questionnaire to assess risk scores, compliance readiness, and resilience, conducting rigorous penetration testing and internal assessments to evaluate its systems and ensure compliance across its worldwide operations, as well as assigning risk scores based on third-party responses, categorised into five levels ranging from “Very Low” to “Very High”. The high-risk providers were addressed through multiple mitigation plans or substitutions to minimise exposure and safeguard operations.
With DORA improving third-party risk management and ICT oversight, the certified SWIFT Service Bureaus in the Americas and UAE will deliver a secure, cloud-native platform designed to reduce operational overhead, ensure compliance, as well as scale effortlessly in order to meet evolving regulations.
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