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Tough new European Union regulationsCNBC
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84% Informative
European Union's Digital Operational Resilience Act , or DORA , entered into effect on Friday .
The new law requires both financial services firms and their tech vendors to strengthen their IT systems' resilience to cyberattacks and other types of disruption.
Financial services firms that fall foul of the new rules can face fines of up to 2% of annual global revenue.
A Censuswide survey of 200 U.K. chief information security officers commissioned by Orange Cyberdefense showed that 43% of financial institutions in Britain aren't yet in full compliance.
Financial services firms may end up moving critical security functions and services in-house.
There are several other cybersecurity-focused regulations that organizations will have to come to terms.
"This is the start of a long journey toward improving software security and resilience," says Sonatype 's Fox .
VR Score
88
Informative language
90
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49
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English
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66
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