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Operational resilience has become a defining priority for organizations in sectors like finance and insurance, especially in the UK and Europe. With increasing disruptions caused by cyberattacks, supply chain issues, and evolving regulations, businesses need robust frameworks to protect critical services and maintain customer trust.
Technology and data service providers (TSPs) have become critical contributors in the successful operations of every organization. Think about it: if your technology or data warehouse were to fail, could you continue running your most critical businessservices? Ability to Procure Cyber Insurance.
The Financial Conduct Authority (FCA) , the Bank of England (BoE) , and the Prudential Regulation Authority (PRA) announced these new requirements a year ago to improve the operational resilience of financial services in the UK. Going forward, organisations are expected to operate within those impact tolerances.
It also expands the scope of a regulator’s reach to those critical technology and data service providers that compose the digital footprint by which the important businessservices stand. The DORA definition of a technology and data service provider does not make a distinction between a cloud-based and non-cloud-based provider.
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