FinTech Magazine March 2025 | Page 93

Global Financial Crime Compliance Advisory Leader

Capgemini

Now that DORA is in play too , how much more important is security ? It ’ s played an indirect role in shaping how financial institutions approach operational , security , cyber and third-party risks , including those posed by APP scams . DORA ’ s requirements for robust ICT ( Information and Communication Technology ) risk management complement the UK ’ s push for stronger protections against APP scams .

While DORA is specific to the EU , its principles and objectives resonate globally and align with the UK ’ s broader regulatory objectives including Operational Resilience rule PS21 / 3 . The firms captured under DORA are wider than those captured under the UK ’ s Operational Resilience framework , so firms operating in the UK and EU should already have undertaken a detailed gap analysis and made changes to meet the higher standard .

Both DORA and the UK Operational Resilience framework emphasise managing third-party risks . Financial institutions are incentivised to ensure that payment and technology vendors adhere to stringent security standards .

While both regulatory frameworks aim to enhance the resilience of the financial system , DORA is more explicit on the requirement for digital protections . DORA ’ s principles DORA ’ s principles support support a key priority for the UK ’ s Payments Systems Regulator to reduce APP fraud which has increased significantly since the introduction of near real-time payments .

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