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How YouAttest Addresses Identity Governance
for EU’s DORA

A Verizon 2022 data breach report revealed that 27% of data breaches within the financial industry are linked to insider activity.  Overly permissive accounts must be reviewed and their permissions reduced. Identifying and accessing governance practices are crucial steps in ensuring that companies are compliant with the Digital Operational Resilience Act (DORA). Effective governance practices, which YouAttest provides,  help organizations manage risks, ensure compliance with regulations, and maintain operational resilience. Here’s how YouAttest can help ensure compliance with DORA:

1. Establish a Governance Framework

  • Define Roles and Responsibilities: Clearly define the roles and responsibilities of key stakeholders, including the board of directors, senior management, and IT teams, in managing digital operational resilience.
  • Develop Policies and Procedures: Create comprehensive policies and procedures that align with DORA requirements, covering areas such as risk management, incident reporting, and third-party oversight.
  • YouAttest:  YouAttest automates entitlement reviews and then documents attestation process which is an important identity control for most governance frameworks.

 

Image #1: YouAttest perfects identity attestation for DORA and other regulatory compliance measures.

2. Conduct Regular Risk Assessments

  • Identify Risks: Regularly identify and assess risks to digital operational resilience, including cyber threats, system failures, and third-party vulnerabilities.
  • Risk Mitigation Strategies: Develop and implement strategies to mitigate identified risks, ensuring that the company is prepared to handle potential disruptions.
  • YouAttest:  YouAttest automates the process of reviewing entitlements that have access to financial resources, which is a key aspect of DORA.  

3. Implement Strong IT Governance

  • IT Controls: Establish robust IT controls to manage and monitor the organization’s technology infrastructure, ensuring its security and reliability.
  • Access Controls: Implement strict access controls to protect sensitive data and systems from unauthorized access.
  • YouAttest:  YouAttest provides enterprise-wide identity governance – ensuring that excess privileges are identified and eliminated, as well as orphan and ghost accounts.

4. Ensure Compliance with Regulatory Requirements

  • Stay Informed: Keep up-to-date with DORA requirements and any changes in regulations. This involves regularly reviewing and updating compliance practices.
  • Documentation: Maintain detailed documentation of all governance practices, risk assessments, and compliance activities. This documentation should be readily accessible for audits and regulatory reviews.
  • YouAttest:  Entitlement re-certification is part of virtually every cyber regulation, especially the financial ones like SOX, FINRA, FFIEC and DORA.

5. Regular Monitoring and Reporting

  • Continuous Monitoring: Continuously monitor IT systems and processes to detect and respond to incidents promptly.
  • Incident Reporting: Establish a clear process for reporting significant incidents to regulatory authorities as required by DORA. Ensure that all incidents are documented and analyzed to prevent recurrence.
  • YouAttest:  YouAttest is able to provide attestation reports on current permissions and alerts on modified entitlements.

6. Conduct Regular Audits and Reviews

  • Internal Audits: Perform regular internal audits to assess the effectiveness of governance practices and identify areas for improvement.
  • External Reviews: Engage external auditors to review compliance practices and provide independent assurance of compliance with DORA.
  • YouAttest:  YouAttest provides enterprises the ability to regularly schedule audits on identity entitlements.

7. Engage in Third-Party Risk Management

  • Vendor Assessment: Conduct thorough assessments of third-party vendors and service providers to ensure they comply with DORA requirements.
  • Contractual Agreements: Include specific clauses in contracts with third-party providers to address compliance with DORA and other relevant regulations.
  • Ongoing Monitoring: Regularly monitor third-party providers to ensure they maintain compliance and manage risks effectively.
  • YouAttest: Allows an enterprise to review entitlements of 3rd party vendors who have access via the enterprise IAM and federated SSO. 

8. Leverage Technology Solutions

  • Automated Tools: Use automated tools and solutions to monitor compliance, manage risks, and ensure operational resilience.
  • Analytics and Reporting: Utilize analytics and reporting tools to track compliance metrics, identify trends, and generate insights for continuous improvement.
  • YouAttest:  YouAttest automates the process of discovery, identifying and attesting to entitlements for access to enterprise financial resources governed by DORA.

 

Identifying and implementing robust governance practices are essential for ensuring compliance with the Digital Operational Resilience Act (DORA). By establishing a strong governance which includes identity recertification via an automated tool like YouAttest, can enhance their digital operational resilience and ensure compliance with DORA. Regular monitoring, reporting, and continuous improvement are key to sustaining compliance and protecting the organization from digital disruptions. 

Contact us to learn how YouAttest can automate you identity attestation process for DORA and other regulatory measures.

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