Digital Operational Resilience Act Articles (Proposal)

The Articles (Proposal) of the Digital Operational Resilience Act

Digital Operational Resilience Act (DORA), Article 17, Reporting of major ICT-related incidents.

1. Financial entities shall report major ICT-related incidents to the relevant competent authority as referred to in Article 41, within the time-limits laid down in paragraph 3.

For the purpose of the first subparagraph, financial entities shall produce, after collecting and analysing all relevant information, an incident report using the template referred to in Article 18 and submit it to the competent authority.

The report shall include all information necessary for the competent authority to determine the significance of the major ICT-related incident and assess possible cross-border impacts.

2. Where a major ICT-related incident has or may have an impact on the financial interests of service users and clients, financial entities shall, without undue delay, inform their service users and clients about the major ICT-related incident and shall as soon as possible inform them of all measures which have been taken to mitigate the adverse effects of such incident.

3. Financial entities shall submit to the competent authority as referred to in Article 41:

(a) an initial notification, without delay, but no later than the end of the business day, or, in case of a major ICT-related incident that took place later than 2 hours before the end of the business day, not later than 4 hours from the beginning of the next business day, or, where reporting channels are not available, as soon as they become available;

(b) an intermediate report, no later than 1 week after the initial notification referred to in point (a), followed as appropriate by updated notifications every time a relevant status update is available, as well as upon a specific request of the competent authority;

(c) a final report, when the root cause analysis has been completed, regardless of whether or not mitigation measures have already been implemented, and when the actual impact figures are available to replace estimates, but not later than one month from the moment of sending the initial report.

4. Financial entities may only delegate the reporting obligations under this Article to a third-party service provider upon approval of the delegation by the relevant competent authority referred to in Article 41.

5. Upon receipt of the report referred to in paragraph 1, the competent authority shall, without undue delay, provide details of the incident to:

(a) EBA, ESMA or EIOPA, as appropriate;

(b) the ECB, as appropriate, in the case of financial entities referred to in points (a), (b) and (c) of Article 2(1); and

(c) the single point of contact designated under Article 8 of Directive (EU) 2016/1148.

6. EBA, ESMA or EIOPA and the ECB shall assess the relevance of the major ICT-related incident to other relevant public authorities and notify them accordingly as soon as possible. The ECB shall notify the members of the European System of Central Banks on issues relevant to the payment system. Based on that notification, the competent authorities shall, where appropriate, take all of the necessary measures to protect the immediate stability of the financial system.