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The Luxembourg rules on the use of information and communication technology ("ICT") in the finance sector, once very country-specific, will soon change significantly as the result of an EU-led initiative aimed at harmonising rules across the region.
DORA stands for "Digital Operational Resilience Act". This Act consists in an EU Regulation proposed by the European Commission in September 2020(1) as part of its digital finance package. DORA's main objective is to provide for a single set of reinforced and overarching rules for financial entities concerning the use of ICT, particularly ICT risk management, security and business continuity, digital operation resilience testing, and contracts with ICT service providers.
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