As the Digital Operational Resilience Act (DORA) takes effect across the European Union, small financial firms are grappling with its stringent requirements.  

DORA is designed to enhance the digital resilience of financial entities, ensuring their systems can withstand and recover from cyber threats and operational disruptions. While essential, achieving compliance can feel overwhelming for smaller firms with limited resources. 

At Spector IT, we specialize in helping small financial firms in Ireland navigate these challenges, turning regulatory hurdles into opportunities for resilience and growth. Let’s explore the key challenges, actionable solutions, and why acting now is critical. 

 

What is DORA, and Why Does it Matter? 

The Digital Operational Resilience Act (DORA) mandates that financial entities, including accountancy firms, adopt robust ICT practices to prevent and recover from operational failures. Compliance isn’t just about avoiding penalties—it’s about safeguarding sensitive financial data, maintaining trust, and ensuring your firm remains competitive in an increasingly digital landscape. 

 

Key Challenges in DORA Compliance 

1. Resource Constraints 

• Challenge: Many small firms lack the budget, time, and specialized personnel to implement DORA’s requirements. 

• Solution: Partnering with an expert like Spector IT can bridge the gap, providing cost-effective solutions tailored to your needs. 

• Statistic: 60% of SMEs in the EU report difficulties understanding and implementing cybersecurity regulations. (Source: EU Digital Resilience Report) 

2. Operational Changes 

• Challenge: Updating ICT policies, enhancing cybersecurity, and streamlining data management can disrupt daily workflows. 

• Solution: Conduct a structured gap analysis to prioritize necessary changes and minimize operational disruptions. 

• Best Practice: Implement a phased approach to align updates with DORA requirements without overwhelming your team. 

3. Governance and Accountability 

• Challenge: DORA emphasizes leadership involvement, requiring internal audits, clear responsibilities, and oversight of ICT risk management. 

• Solution: Develop a governance framework that assigns roles and accountability for compliance. 

4. Managing Third-Party Risks 

• Challenge: Monitoring and managing ICT service providers to ensure their compliance can be time-intensive and complex. 

• Solution: Use tools and contracts to enforce compliance standards with third-party vendors, ensuring ongoing assessments. 

• Statistic: 39% of small businesses fail to conduct due diligence on third-party providers, increasing exposure to risks. (Source: Deloitte SME Risk Report) 

5. Continuous Testing and Updates 

• Challenge: Regular testing of ICT systems is resource-intensive and technically complex. 

• Solution: Automate testing processes and schedule periodic reviews with external experts to maintain compliance. 

 

How Spector IT Can Help You Achieve Compliance 

At Spector IT, we’ve worked with small financial firms across Ireland, helping them meet DORA’s requirements with confidence. Here’s how we can support your journey: 

1. Expertise and Resources 

Our team brings deep knowledge of ICT risk management and compliance, simplifying the complex DORA requirements into actionable steps. 

2. Proactive Monitoring 

We continuously monitor your ICT systems to identify vulnerabilities before they escalate, ensuring uninterrupted operations. 

3. Incident Response and Recovery 

In the event of an incident, we respond rapidly, minimizing downtime and safeguarding your firm’s reputation. 

4. Compliance Assistance 

From gap analyses to documentation management, we handle heavy lifting, so you can focus on your core business. 

5. Employee Training 

We provide tailored training to your staff, fostering a culture of resilience and ensuring everyone understands their role in compliance. 

 

Best Practices for DORA Compliance 

1. Conduct Regular Risk Assessments:

   Identify vulnerabilities and prioritize actions to mitigate risks. 

2. Strengthen Cybersecurity:

   Implement multi-factor authentication (MFA), endpoint protection, and routine updates. 

3. Engage Leadership:

   Involve senior management in ICT governance to ensure accountability. 

4. Audit Third-Party Vendors:

   Regularly assess vendor compliance and maintain detailed contracts outlining requirements. 

5. Automate Where Possible:

   Leverage automation tools to streamline testing and monitoring processes. 

 

Industry FAQs 

1. What is the deadline for DORA compliance?

   Firms must comply with DORA by January 2025, but starting now is crucial to avoid delays and rushed implementations.

2. How does DORA affect small firms differently from larger ones?

   Small firms often face challenges like resource constraints and limited expertise, making external support critical for compliance.

3. How can I manage third-party risks under DORA?

   Perform due diligence when selecting vendors, enforce compliance through contracts, and schedule regular assessments.

4. What happens if my firm isn’t DORA compliant?

   Non-compliance can result in penalties, reputational damage, and potential data breaches that disrupt operations.

5. How long does it take to become DORA compliant?

   The timeline varies but can range from 6-12 months depending on the size of your firm and the scope of required changes.

 

Why Act Now? 

The DORA compliance deadline is approaching fast, and certification bodies are booking up quickly. Waiting too long could result in missed deadlines, rushed processes, or even regulatory penalties. Starting now not only ensures compliance but also strengthens your business’s resilience. 

 

Let Spector IT Simplify Your DORA Compliance Journey 

At Spector IT, we specialize in helping small financial firms achieve DORA compliance with minimal disruption. From proactive monitoring to expert guidance, we tailor our services to your unique needs. 

Schedule a free consultation today to discuss how we can help your firm meet DORA requirements and thrive in a secure, resilient environment. Click here to get started!