The E.U. wants firms to strengthen their resilience when faced with operational disruptions.
Officials at Broadridge Financial Solutions say they are enhancing the provider’s international post-trade processing capabilities to help firms comply with the European Union’s Digital Operational Resilience Act (DORA), which requires firms to bolster their IT security and resilience when faced with operational disruptions.
“The DORA compliance deadline is just three months away and the clock is ticking. Non-compliance will expose financial firms to an increased risk of cyber incidents, security breaches, and system outages, as well as the potential for reputational damage and avoidable regulatory penalties,” says Danny Green, head of international post-trade solutions at Broadridge, in a prepared statement.
Broadridge officials say the company’s operational resilience services and solutions for international post-trade processing can help firms “mutualize the cost of ensuring business continuity in the face of growing cyber-attacks, and of complying with DORA” via a shared services pricing model that includes:
- Professional services: Broadridge offers “expertise and advanced analytical tools to assess and validate firms’ risk and control frameworks relating to internal and third-party systems and service provider data. It includes thorough evaluations of current frameworks to identify potential vulnerabilities, validation of risk controls and recommendations for enhancing the robustness and efficiency of operational risk management practices;”
- Recovery: “The provision of back-up environments that are the regulatory-prescribed distance away from a firm’s primary site, and that meet recovery time objectives within the required timeframe and to the required standard in the event of a cyber-attack or outage;”
- Enhanced recovery of entire system infrastructure: Broadridge officials say they offer cyber-recovery and storage capabilities that “can support unalterable, point-in-time copies of a firm’s international post-trade infrastructure including the operating system, post-trade software and critical data. In the event of a cyber incident, these secure, cyber-resilient copies can be swiftly restored to enable faster and easier system recovery.”
Broadridge offers systems, services, software, and solutions that facilitate front-, middle-, and back-office securities operations.
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