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The Financial Sector’s New Approach to Cybersecurity: Synchronizing Time for Resilience
The financial sector is on the cusp of adopting a new model for cybersecurity, with the French law on digital operational resilience (DORA) imposing stricter norms for financial institutions. This approach may inspire other sectors.
The Importance of Timing Precision
DORA has highlighted the importance of timing precision in ensuring operational resilience. Financial institutions must now maintain high standards in terms of time synchronization, documentation, and resistance to cyber attacks.
Time as a Key Resource
Time has become a critical resource in the financial world. Each transaction, each market movement, depends on it. However, the risks associated with temporal vulnerabilities are not purely theoretical. Recent cyber attacks, such as those against Mt Gox or Ukraine’s electrical network, have exploited weaknesses in timing systems to cause disruptions.
DORA’s Impact on Cyber Resilience
DORA has woken up the financial sector to the reality that time synchronization is a pillar of cybersecurity resilience. By imposing stricter obligations for incident reporting and risk management, DORA requires financial institutions to create high standards, which reduces the risk of attack.
A Broader Impact
Although DORA was initially designed for the financial sector, its impact may be broader. Companies can adopt a similar security model by treating time as an accessible and reliable utility. This approach frees institutions from the complexity of timing, allowing them to focus on their core missions.
A Guide to Stronger Resilience
DORA is not just a regulatory framework; it’s a guide for achieving stronger resilience, where collaboration, innovation, and collective responsibility are key to establishing a safer future.