Key Points

• By January 17, 2025, financial institutions in the EU’s jurisdiction must comply with the Digital Operational Resilience Act (DORA) to ensure resilience against cyber threats.
• Conducting a gap analysis helps organisations assess where they fall short of DORA requirements, enabling them to make targeted improvements and avoid financial penalties.
• Metomic offers tools for data visibility, classification, risk monitoring, and access control, aiding financial organisations in achieving and maintaining DORA compliance.

By January 17th 2025, financial institutions in the EU will need to comply with the Digital Operational Resilience Act (DORA), in order to prove their resilience when it comes to cyber threats.

With 94% of financial institutions already engaged in understanding the requirements of DORA, most have already performed a gap analysis to ensure they’re fully compliant when the new rules apply.

A gap analysis can be an essential first step toward meeting DORA compliance requirements, helping organisations identify specific areas for improvement. This structured approach ensures that gaps are proactively closed, reducing the risk of financial penalties and securing regulatory alignment.

In this article, we take a look at what a gap analysis is, and how it can benefit your organisation when it comes to DORA compliance.

What is a gap analysis?

A gap analysis is a tool organisations use to understand their current performance, and to see where they may need to make improvements. Identifying areas for development, a gap analysis can prove effective when used against processes or skills to determine where organisations may be lacking.

Compliance and operations teams may find gap analyses particularly useful, as well as managers looking to set ambitious goals. The end result is an action plan that can help organisations improve their performance, meet compliance requirements, and achieve their objectives.

What is its purpose? How can it help organisations?

Using a gap analysis can help organisations move closer towards their goals by pinpointing exactly how they can get out of their current state. It can show where resources or skills are missing, and help organisations prioritise actions to bridge the gaps effectively.

It can also help companies optimise compliance processes, or understand what key aspects are missing for compliance, such as security features or employee training.

What is DORA? How can a GAP analysis ensure organisations can be compliant?

DORA, or the Digital Operational Resilience Act, is an EU regulation that ensures financial institutions are resilient enough to withstand digital disruptions. This includes creating clear risk management plans to address operational risks, like cyber threats. They also need to report any significant incidents to regulatory authorities.

When it comes to DORA, a gap analysis can help an organisation understand if there are discrepancies between their current processes, and where they need to be. It can aid in determining what they need to implement to bring the business in line with current regulations.

For example, regular resilience testing is a key element of DORA compliance but a gap analysis could reveal that this hasn’t taken place, or that it hasn’t been effective.

Understanding where their organisation may be falling short is vital in ensuring nothing is overlooked when it comes to DORA compliance.

What is the outcome of a GAP analysis?

Once a gap analysis is completed, the ultimate outcome should be a report that outlines the gaps in DORA compliance that the organisation currently faces.

In the report, there should be action items with clear recommendations to close the gaps, so that the team can make strategic improvements.

Finally, there should also be a roadmap included in order to keep the team accountable, and ensure the actions are addressed efficiently.

How to perform a GAP Analysis: Step by Step

A gap analysis should be performed by a project manager, or an individual who understands the intricate workings of the team.

There are six essential steps to take to ensure you carry out a comprehensive gap analysis:

1. Define Your Goals

Identify the objectives or KPIs you want to achieve. Rather than setting out general goals like ‘achieve regulatory compliance’, use specific goals such as ‘achieve DORA compliance by [date] in order to avoid financial penalties’.

2. Analyse Your Current Performance

Outline your processes, and current capabilities when it comes to DORA. You might want to consider resources in your team, tools at your disposal, and where your budgets are spent.

3. Identify Gaps

Compare your current setup with the requirements of DORA, using our guide to determine what you might be missing. Speaking to key stakeholders and looking through documentation will be necessary to determine where the gaps are.

4. Decide On Priorities

Now you know where your shortcomings lie, you can start to prioritise the gaps in your DORA compliance process. While there are many components to DORA compliance, you might want to consider what will take the longest to accomplish, and prioritise these actions first.

5. Put Together an Action Plan

Break down each priority into the exact actions needed to get you to full DORA compliance, complete with realistic timelines and responsibilities outlined.

6. Monitor Progress

Once you’ve addressed each gap within your plan, make sure you monitor your progress at regular intervals to ensure you stay on track.

How can Metomic help organisations become DORA compliant?

To support organisations in achieving DORA compliance, Metomic provides a data security solution to manage and protect sensitive data across SaaS applications.

Here’s how:

1. Real-Time Data Visibility: Provides continuous monitoring of sensitive data across SaaS applications to meet DORA's visibility requirements.
2. Automated Data Classification: Classifies data to identify and protect critical assets in line with DORA's mandates.
3. Risk Monitoring and Alerts: Proactively monitors data risk and alerts security teams to potential threats, aligning with DORA's incident response protocols.
4. Granular Access Control: Manages and restricts access to sensitive data, minimising unauthorised exposure and enhancing resilience.
5. Enhanced Compliance Reporting: Offers reporting features to simplify DORA compliance audits and maintain regulatory alignment.

To see how Metomic can help your organisation become DORA compliant, get in touch with one of our data security experts today.