In view of the ever-increasing risks of cyber-attacks, the EU has recognized the importance of safeguarding the EU financial sector from cyber threats. Entities such as banks, insurance companies, investment firms, and the citizens should be protected to guarantee that the financial sector remains resilient during a severe operational disruption. The European Commission proposed the Digital Operational Resilience Act (DORA) on the 24th September 2020 to ensure that financial institutions endure, respond to, recover from, and report on the effects of ICT incidents and to safeguard the citizen. DORA came into force on the 17th January 2023 with a two-year implementation window.
MFSA is the local competent authority vested with the responsibility to enforce the regulation in Malta.