⚡️United Kingdom🇬🇧: Financial subsectors prepare for DORA implementation

⚡️United Kingdom🇬🇧: Financial subsectors prepare for DORA implementation

The Digital Operational Resilience Act (DORA) has regulated financial institutions in Europe since January this year. Although the UK is no longer part of the EU, entities wishing to operate in the region must comply with these regulations.

➡️ In 2024, 54% of financial institutions surveyed across multiple countries reported cyberattacks resulting in data theft and destruction, representing a 12.5% increase compared to 2023.

➡️ Currently, 66% of global companies consider artificial intelligence and machine learning the biggest cybersecurity threat. The rise of generative AI has led to increasingly sophisticated attacks based on social engineeringand ransomware.

➡️ In the UK, cyberattack losses over the past five years have totaled £44 billion. A notable case is that of engineering firm Arup, which lost $25 million in 2023 due to a deepfake attack where hackers digitally cloned a senior executive.

➡️ According to a Skillcast study, small and medium-sized enterprises are the most vulnerable, often underestimating the risk. In the past year, 58% of small businesses and 70% of medium-sized businesses in the UK have been targeted by cyberattacks.

Given this landscape, many companies see DORA as a key tool to strengthen security and preparedness against digital threats.

👉 The Skillcast team analyzed data from 270 of the UK’s leading companies and created an index to measure current operational resilience. According to their analysis, the corporate and specialized services subsector is the most prepared for DORA, with the highest number of companies registered in Cyber Essentials Plus.

👉 Following closely are the subsectors of real estate financing, property management, and capital markets.

👉 More vulnerable sectors include insurance and risk management, investment, asset management, and financial transaction processing.

👉 The banking and credit subsector ranks lowest in preparedness, making it the most exposed segment to risks.

#news #Europe

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