This is a news story, published by CNBC, that relates primarily to EU news.
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EU regulatorsCNBC
•82% Informative
By January 2025 , banks and their tech suppliers will have to comply with a new EU law known as DORA .
It could help prevent major IT disruptions in future.
The EU regulation also seeks to ensure the financial services industry is resilient in the event of a severe disruption to operations.
Regulators can levy fines of as high as 1% of average daily global revenues in the previous business year .
Firms can also be fined every day for up to six months until they achieve compliance.
Third -party IT firms deemed "critical" by EU regulators could face fines of up to 5 million euros.
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