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The goal of DORA is to make sure the financial sector in Europe is able to maintain resilient operations through a severe operational disruption, according to the European Council. With its passage, the EU is looking to standardize risk management requirements and processes for reporting cybersecurity incidents. Financial institutions are now required to monitor and report security events, and tech service providers are subject to oversight by European regulators.
The provisional agreement is subject to approval by the Council and the European Parliament before going through the formal adoption procedure. Once the proposal is fully adopted, it will be passed into law by each EU member state.