Tough new EU cyber rules require banks to ramp up security — but many aren't ready
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 17 2025
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Source: CNBC
New EU Cybersecurity Regulations: The European Union's Digital Operational Resilience Act (DORA) mandates financial services firms to enhance their cybersecurity measures, with penalties for non-compliance potentially reaching 2% of annual global revenue and individual fines up to €1 million.
Compliance Challenges: Many financial institutions are struggling to fully comply with DORA due to the complexity of the regulations and the need to manage third-party IT providers, although experts believe that most banks will achieve compliance in the near future.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
