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Financial firms build resilience to withstand disruption to their business. New rules require UK firms and market infrastructure to prepare for incidents and remain within pre-identified and limited tolerances for failure. EU firms and FMI will need to manage their ICT risks under the DORA framework. Policymakers around the world are developing similar standards.
The UK rules started to apply on 31 March 2022, although there is a transition period before firms and market infrastructure are required to remain within tolerance levels. The EU’s Digital Operational Resilience Act is expected to start applying in late 2024.
We have a range of resources available on operational resilience including webinars which are available via our Knowledge portal. We have also launched a podcast series where our lawyers take a closer look at what operational resilience means for financial services firms.
We have a market-leading financial regulation practice which provides clients with risk advisory services. We also have one of the longest-standing privacy and cyber security practices in the world, with practitioners who not only understand data and crisis, but also technology and sourcing.
Our new FRG blog where you will find insights, commentary and news on recent developments in financial regulation from our dedicated financial regulatory lawyers in London.