As the European Union’s Digital Operational Resilience Act (DORA) comes into effect, KYND, a leader in cyber risk intelligence and management, is urging financial services firms to prioritise long-term cyber resilience within their operations.
DORA is aimed at fortifying the financial services sector against the escalating threat of cyber-attacks, with a strong emphasis on third-party risk. The need for robust operational resilience frameworks has never been more pressing, as recent data indicates that over half of British private businesses have experienced a cyber-attack within the past five years. Such incidents have the potential to severely disrupt third-party services, making effective risk management a necessity.
A recent cyber-attack on Blue Yonder, a key food and retail service vendor used by Fortune 500 companies, led to widespread system failures and operational disruptions on a global scale. While the retail industry bore the brunt of this attack, KYND is warning financial firms that they face similar threats. Given their extensive reliance on third-party providers, a single breach can trigger widespread operational failures, exposing interconnected networks to escalating cyber risks.
KYND CEO Andy Thomas emphasised the importance of DORA compliance, stating: “DORA isn’t just about passing audits; it’s about fostering a culture of vigilance and resilience in the face of ever-evolving cyber threats. The financial services sector is a prime target, and compliance must be seen as a baseline, not the finish line, for digital security — the groundwork upon which a truly secure and resilient organisation is built.
“The stakes are too high for a reactive approach and DORA serves as a reminder that resilience isn’t a one-time achievement but an ongoing commitment. It’s about embedding risk management and agility into every facet of an organisation’s digital attack surface. This shift in mindset from compliance to resilience is what will truly safeguard businesses, their clients and the broader financial ecosystem in today’s dynamic digital landscape.
He concluded by affirming KYND’s role in supporting clients through the transition, saying: “At KYND, we’re proud to be an integral partner in helping our clients navigate this journey with confidence.”
DORA mandates stricter oversight and proactive stress-testing to uncover vulnerabilities before they can be exploited. The regulation is driving firms to transition from passive risk monitoring to actively assessing and reinforcing their digital infrastructure, ensuring security becomes a core component of business continuity.
For financial institutions, achieving enduring cyber resilience necessitates a comprehensive understanding of their cyber risk exposure, stronger third-party risk management protocols, and the ability to respond preemptively to emerging threats.
KYND offers real-time, transparent insights into cyber risk at both the individual company and portfolio levels, helping businesses identify vulnerabilities and mitigate potential threats effectively. KYND is dedicated to simplifying complex cyber risks, making them easier to assess, understand, and manage. The company’s innovative technology provides businesses with tailored cyber risk solutions that cater to their specific needs, regardless of industry or size.
KYND’s advanced cyber risk management tools empower investors with instant insights into cyber risk profiles, facilitate better-informed investment decisions, and help mitigate portfolio exposure through continuous monitoring, advanced threat detection, and proactive alerts.
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