Why DORA, Incident Reporting will not succeed
Gaps and missed opportunities identified:
- Lack of a structured threat categorization framework
- Potential for inconsistent reporting across financial entities
- Difficulty in analyzing trends and patterns across incidents
- Inefficient reporting process due to lack of clear categorization
- Missed opportunities for effective risk management
- Absence of clear links between threats and vulnerabilities
- Challenges in quick and accurate communication during initial incident stages
Benefits of the 10 Top Level Cyber Threat Clusters concept:
- Provides a clear, structured approach to categorizing threats
- Establishes explicit links between threats and vulnerabilities
- Offers a consistent framework applicable across different financial entities
- Enhances the basis for more effective risk assessment and management
- Facilitates more consistent and meaningful incident reporting
- Improves the ability to analyze trends and patterns in cyber incidents
- Supports better-informed decision-making by entities and authorities
Recommendations for EU regulations: Consider incorporating a structured threat categorization framework, such as the 10 Top Level Cyber Threat Clusters concept, into the DORA incident reporting requirements. This would provide a common language for reporting, improve consistency across entities, and enhance the overall effectiveness of the incident reporting and risk management processes in the financial sector.
No additional updates are scheduled at this time.