In an ever more digitalised world, where technology is rapidly advancing, the risks associated with its use are also growing. Although these innovations seek to transform our lives and make them easier, they can also become dangerous tools when they fall into the wrong hands. This has made digital security a crucial challenge for individuals and businesses alike.
In industries like insurance, this situation is particularly relevant. Reliance on information and communication technology (ICT) has made it possible to handle large volumes of personal data, but it has also increased exposure to cyber risks.
Strengthening digital resilience with the DORA Regulation
This where the DORA (Digital Operational Resilience Act) Regulation becomes a key solution. This regulation, binding as of 17 January 2025, seeks to strengthen operational resilience and cybersecurity in the insurance industry. Its main goal is to ensure that both insurers and their technology providers are able to withstand, respond to and recover from any type of cyber threat or operational disruption.
A change in the management of technology risks
DORA represents a significant change in the way we approach technology risks and relationships with providers. Its requirements include:
- High standards of cybersecurity.
- Continuous risk assessments.
- Resilience testing to ensure recovery from disruptions.
- Quick, clear notifications of cyber incidents.
- Strict management of technology providers, who must comply with the proper controls throughout the supply chain.
While primarily an obligation, DORA also offers the opportunity to strengthen trust in the insurance industry. This regulatory framework promotes stability and protection of customer data, while challenging technology providers to raise their security and performance standards.
Logalty: a key ally for compliance with DORA
At Logalty Group, as Trusted Service Providers specialising in GRC (Governance, Risk and Compliance) technology, we’ve spent years preparing to respond to the challenges raised by DORA. Our commitment to innovation and security has allowed us to support the finance and insurance industry in adapting to this regulation through advanced, accessible technological solutions.
We’ve implemented tools such as:
- Anomaly detection systems based on Artificial Intelligence.
- Incident management and risk analysis platforms.
- Cybersecurity solutions such as encryption, firewalls and intrusion detection systems.
- Resilience testing platforms to simulate scenarios and ensure effective recovery.
We’ve supported our clients in meeting the DORA Regulation, where the assessment and control of subcontractors who provide essential services is paramount. Thanks to these efforts, insurance companies have been able to strengthen their digital defences and be better prepared to respond to security breaches and other serious risks.
Looking to the future
As we move into 2025, we are confident that measures implemented under DORA will allow us to build a more secure, more resilient digital ecosystem. This new horizon not only protects businesses and their customers, but also lays the foundation for a future that is more reliable and solid against cyber-attacks.
