Digital Operational Resilience Act Articles (Proposal)

The Articles (Proposal) of the Digital Operational Resilience Act

Digital Operational Resilience Act (DORA), Article 43, Financial cross-sector exercises, communication and cooperation.

1. The ESAs, through the Joint Committee and in collaboration with competent authorities, the ECB and the ESRB, may establish mechanisms to enable the sharing of effective practices across financial sectors to enhance situational awareness and identify common cyber vulnerabilities and risks across-sectors.

They may develop crisis-management and contingency exercises involving cyber-attack scenarios with a view to develop communication channels and gradually enable an effective EU-level coordinated response in the event of a major cross-border ICT-related incident or related threat having a systemic impact on the Union’s financial sector as a whole.

These exercises may as appropriate also test the financial sector’ dependencies on other economic sectors.

2. Competent authorities, EBA, ESMA or EIOPA and the ECB shall cooperate closely with each other and exchange information to carry out their duties pursuant to Articles 42 to 48. They shall closely coordinate their supervision in order to identify and remedy breaches of this Regulation, develop and promote best practices, facilitate collaboration, foster consistency of interpretation and provide cross-jurisdictional assessments in the event of any disagreements.