OneSpan: Strong authentication for DORA compliance in financial institutions

The European Union has intensified its efforts to strengthen cybersecurity through a series of legislative measures. The Digital Operational Resilience Act (DORA), which will take effect in January 2025, will have a significant impact on financial institutions. DORA seeks to strengthen the financial sector’s digital operational resilience amid increasing cyber threats. In this blog, we highlight DORA’s strong authentication requirements and how OneSpan can help institutions meet them.

What is DORA?

The Digital Operational Resilience Act (DORA) addresses cybersecurity concerns specific to the financial sector, with rules for ICT risk management, incident management, operational resilience testing and third-party risk management. It is a regulation directly applicable across the EU, ensuring uniform cybersecurity standards.

DORA’s focus on strong authentication

DORA recognizes that strong authentication is critical to protect ICT assets, particularly in the case of remote and privileged access. The regulation requires financial institutions to implement robust authentication protocols based on risk assessments. This means using multi-factor authentication (MFA) that combines two or more elements from the categories of possession, knowledge and inheritance.

OneSpan’s DIGIPASS FX1 BIO: The key to DORA compliance

OneSpan’s DIGIPASS FX1 BIO is an ideal solution for financial institutions looking to meet DORA’s strong authentication requirements. This solution provides:

• Phishing-resistant authentication: DIGIPASS FX1 BIO uses advanced biometric technology to authenticate users, making it immune to phishing attacks and other forms of credential theft.
• Ease of use: DIGIPASS FX1 BIO is easy to implement and use, which does not affect employee productivity.
• Scalability: DIGIPASS FX1 BIO can be scaled to meet the needs of organizations of all sizes.

DORA and OneSpan: Together for a safer financial sector

The Digital Operational Resilience Act is an important step forward in protecting the financial sector from cyber threats. OneSpan’s DIGIPASS FX1 BIO provides a robust, easy-to-use solution that helps financial institutions comply with DORA’s requirements and protect their digital assets.

For more insights, watch the webcast on navigating DORA compliance and discover OneSpan’s authentication offerings.

Protect your financial institution from cyber threats now with OneSpan’s strong authentication.

Still have questions? Please do not hesitate to contact [email protected].