The financial industry is no stranger to operational resilience, but the Digital Operational Resilience Act (DORA) has given this discussion new urgency. As the January 2025 compliance deadline approaches, DORA has pushed operational resilience to the forefront of the agenda, especially in the financial sector, where digital infrastructure is the backbone of operations.
The financial sector relies on the digital ecosystem. And the source of that strength is our technological infrastructure. Currently, agencies are constantly looking for new ways to prevent ICT incidents. When problems occur, companies must implement solutions that minimize disruption to customers and partners.
The lesson from DORA is clear: accurate timing systems are a cybersecurity necessity, not an option.
Of course, the scope of DORA extends across time, but the requirements clearly include DORA. Incident reporting and risk management obligations require financial institutions to maintain high standards of time synchronization, data and process documentation, and timing that is resilient to cyberattacks.
Time as a hidden currency
Time has become one of the key currencies in the financial world. Every trade, every market movement depends on it. But the risks associated with timing vulnerabilities are not just theoretical. From the Mt. Gox Bitcoin exchange to Ukraine's power grid, recent high-profile cyberattacks have wreaked havoc by exploiting weaknesses in timing systems.
DORA has effectively woken up the financial industry to the reality that synchronization is at the heart of cyber resilience. By mandating more rigorous incident reporting and risk management obligations, DORA forces financial institutions to set higher standards and reduces the risk of attacks.
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Challenges and opportunities
While DORA's strict standards promise increased security, they also pose challenges, especially for smaller institutions. Meeting rigorous testing, risk assessment, and reporting requirements can tax resources and create an uneven playing field.
Closing this divide will require a collaborative approach across the industry. Establishing knowledge-sharing hubs, providing targeted grants, and promoting a service-based model for security tools will level the playing field and ensure that all institutions, regardless of size, can effectively comply with his DORA. It will be.
Fostering a culture of operational resilience
Companies seeking competitive advantage may not consider these changes to be urgent. However, accepting them is fully consistent with the spirit of DORA. The Act already promotes knowledge sharing and actively encourages participation in threat sharing efforts. By harmonizing EU regulations, DORA also facilitates cross-border collaboration and ensures that everyone operates on a level playing field.
DORA is more than just a regulatory checklist. It's a step toward a cultural change that will spark a shift toward a resilient ecosystem where pragmatic, collaborative solutions are the norm.
This means rethinking how companies value time. At Hoptroff, we have always championed accessible and affordable solutions that provide organizations with the accuracy and accountability required by DORA. Our approach has always been to make resilience our competitive advantage.
Achieving the level of digital synchronization required by DORA is no easy task; it requires complex digital systems that require specialized knowledge and hardware. But what if we rethink how we use time? Instead of each institution tackling this challenge in isolation, what if we treated time as available, reliable and as essential as electricity?
Cultivating a culture of operational resilience requires a bold mindset shift. “Time as a Service” frees agencies from the complexities of time management, allowing them to focus on their core mission while relying on shared infrastructure for the precision they need.
Beyond Finance: A Paradigm Shift
Finance may be the focus of attention, but data integrity is the cornerstone of security in any field. all Sector. And it's not just a matter of time. Every bit and byte that powers modern institutions matters. We believe this model will revolutionize the way organizations, from Wall Street to downtown, approach the ever-evolving cybersecurity environment.
DORA is more than just a regulatory framework. A roadmap to resilience where collaboration, innovation and collective responsibility are key to unlocking a safer future.
Richard Hoptroff is Founder and Chief Time Officer. hopptoroff
