Learn how RAYVN enables digital operational resilience to defend against the disruptions associated with ICT risks, threats and incidents, both for the financial sector and more broadly.
Beyond security: the case for cyber resilience
Understandably, security has long been the highest priority for ICT (Information and Computing Technology) to protect organizations from external threats, such as malware, hacking and ransomware attacks. Yet, with the number and severity of IT-related threats in our interconnected work today, security as a defensive strategy is not enough.
Cyber resilience is needed to prevent, withstand and recover from cybersecurity incidents efficiently and swiftly. Moreover, from an operational perspective, cyber resilience aims to maintain the continuity and integrity of service for customers/users—even in the midst of technological disruption or an IT incident.
Consequently, cyber resilience brings together business continuity, information systems security and organizational resilience. The C-Suite, Information Technology Services and Risk/Incident Management need to work together to ensure that business objectives, technology and operational efficiency are fully aligned and coordinated.
Europe: a leader in cyber resilience
Globally good governance and operational frameworks include ISO 27001 and SS2/21 for information security management as well as ISO23001 to defend business continuity. Building on such established ICT standards, the EU seeks to regulate technology across borders.
For the financial sector and essential/important services, where the risks and impacts carry significant consequences, the EU has opted to take a proactive, holistic approach to digital resilience for the organization, customers and the IT ecosystem across borders.
Examples of EU acts, directives and initiatives are noted below—with DORA or the Digital Operational Resilience Act carrying particular importance because it represents EU-wide law to protect and build socio-economic resilience for the financial sector and its customers.
Purpose | Timeline/Deadline | |
---|---|---|
Network and Information Security 2 Directive (NIS2) | To create sector-specific standard cybersecurity risk-management measures and reporting across the EU. | 17 October 2024: deadline for compliance to directive. |
Digital Operational Resilience Act (DORA) | Ensure resilient operations during any operational disruption caused by cyber security issues in the EU financial sector. | 17 January 2025: deadline for legal compliance |
Cyber Resilience Act (CRA) | To protect EU consumers and businesses from hardware/software products with inadequate security features. | 12 March 2024 approved |
Cyber Solidarity Act (CSA) | Assure the EU’s solidarity and coordinated actions to detect, prepare and effectively respond to growing cybersecurity threats and incidents | March 2024: provisional agreement |
DORA: 5 Pillars for Digital Operational Resilience
Globally good governance and operational frameworks include ISO 27001 and SS2/21 for information security management as well as ISO23001 to defend business continuity. Building on such established ICT standards, the EU seeks to regulate technology across borders.
For the financial sector and essential/important services, where the risks and impacts carry significant consequences, the EU has opted to take a proactive, holistic approach to digital resilience for the organization, customers and the IT ecosystem across borders.
Examples of EU acts, directives and initiatives are noted below—with DORA or the Digital Operational Resilience Act carrying particular importance because it represents EU-wide law to protect and build socio-economic resilience for the financial sector and its customers.
Effectively, DORA demands organizational and operational resilience on the part of financial institutions as alignment between management, IT and risk/incident management are needed to comply with the legislation.
How RAYVN enables digital operational resilience
RAYVN can help any organization looking to build digital operational resilience with its easy-to-use, secure solution for real-time incident management.
PLAN: With RAYVN, any organization can easily operationalize an ICT risk management plan. Creating configurable and customizable reports, templates allows for plans to be configured in compliance with DORA and directives such as NIS2. Assigning people and resources can be done quickly. Moreover, the RAYVN collaboration feature makes it possible to include stakeholders and third-party representatives in the emergency response network.
PREPARE: Preparation can be done through training exercises to run drills and scenarios. And the results of these exercises can be easily documented thanks to time-stamped logs and custom reports. The reports can be easily and quickly generated, enabling any adjustments to roles and responsibilities or processes to be implemented.
RESPOND: During an incident, RAYVN enables you to activate relevant team members instantly and create instant situational awareness. This efficient system provides everyone with access to the plan. RAYVN’s collaboration features enables the organization to notify internal and external stakeholders securely. And external stakeholders or participants in the network can be provided with secure and limited access to updates only—so that confidential information about the incident and its resolutions remains protected.
RECOVER: Recovery is facilitated because the solution is secure, RAYVN can be run—even when the organization’s network goes down. This promotes resiliency because any incident can be resolved swiftly to minimize the impacts of disruption. Getting backup solutions or contingency plans into effect is possible because of this operational efficiency.
ASSESS & ADAPT: Post-incident assessment and adaptation, including reporting for compliance purposes is simple with RAYVN. Time-stamped logs can be incorporated in customized reports within minutes, so that the right information is made available both internally and externally. More broadly, reports can be generated to share best practices within the organization and externally.
It’s that simple—with RAYVN any organization can improve digital operational resilience, whether to meet the standards for DORA compliance or to drive a company’s own strategic initiatives.