A number of leading data protection and compliance firms have got together to help enterprises comply with governmental regulations, including the impending DORA legislation.
Valiantys, a global IT consulting firm and an Atlassian Platinum Solutions Partner, has launched a governance, risk, and compliance (GRC) service. It is powered by best-of breed solutions from data protection player HYCU, Lansweeper, a technology asset intelligence firm, and Appfire, which enhances, extends, and connects leading platforms in enterprise collaboration.
DORA (Digital Operational Resilience Act) is a European Union law that covers financial services firms, from banks and insurance companies to crypto firms, as well as data centres and service providers that support them with data services.
The alliance’s solution will initially focus on DORA, and addresses the challenges posed by DORA in new areas of third-party risk management and operational resilience. As organisations increasingly rely on cloud applications and as-a-service solutions, compliance with DORA mounts a complex and time-consuming challenge.
DORA is scheduled to go into full effect in early 2025, and represents a significant shift in creating a uniform approach to third-party risk management across the EU financial sector, covering cyber threats and technological vulnerabilities that can potentially disrupt the financial industry’s technology supply chain.
The solution on offer significantly reduces the time and resources required for DORA compliance, eliminating the need for hundreds of hours of manual asset cataloguing, multiple backup tools, and extensive documentation management.
“By integrating advanced compliance management capabilities into Jira Service Management, we are enabling organisations to embrace a more resilient, streamlined approach to regulatory challenges. This solution is key to our broader strategy of expanding solution development on JSM, empowering companies to achieve organisation-wide transformation and ensuring they are equipped to meet both current and future demands," said Nathan Chantrenne, chief solutions officer of Valiantys.
The technology provides a unified management system integrating asset discovery, backup, testing, and documentation management. With one single source of truth for DORA readiness, key features include:
-Automated asset discovery and visualisation of as-a-service applications
-Automated data protection and offsite data recovery for over 80 ICTs (information and communication technologies), with continuous expansion
-One-click resilience testing capabilities
-DORA-focused dashboards, notifications, and insights
Subbiah Sundaram, SVP, product at HYCU, said: "Our partnership with Valiantys, Appfire, and Lansweeper allows us to offer customers a seamless, integrated approach to meeting DORA's stringent requirements."
The sweet spot for companies like HYCU, and their channel partners, is that Article 12 of the DORA Act demands that financial services customers must have data backup and restoration systems that are separate from their main ICT systems, so if there is a serious cyber attack or outage, operational and customer data is safe.
The alliance will now go forward in developing joint solutions to address other compliance headaches.
