ACA – Digital Operational Resilience Act (DORA) – the countdown for (re)insurers to get ready – Pierre-Michaël de Waersegger, Emmanuelle Mousel, Astrid Wagner and Bénédicte d’Allard

The financial sector has recently faced turbulent times in the form of pandemics and geopolitical conflicts, which has led to an acceleration in digitalisation and consequently, a growth in cyber risks, particularly for the (re)insurance industry which is a natural target for cyberattacks due to the fact that (re)insurers hold substantial amounts of protected and sensitive personal information.

As digitalisation is inevitable and unavoidable, and as cyber threats are likely to increase and become more sophisticated over time, the insurance industry, alongside the rest of the financial industry, must ensure that it is protected by strong digital operational resilience. The publication of the Digital Operational Resilience Act (DORA) by the European Commission is thus a direct response to this need, which will apply to the vast majority of the (re)insurance stakeholders.

Pierre-Michaël de Waersegger, Emmanuelle Mousel, Astrid Wagner and Bénédicte d’Allard are the authors of the publication.