Steering Through DORA Compliance: A Collaborative Approach for Financial Institutions

5 min read

The landscape of financial services is undergoing a significant transformation, with operational resilience and regulatory compliance taking centre stage. The impending full implementation of the Digital Operational Resilience Act (DORA) by 2025 has placed financial institutions at a crucial juncture.

Given that an estimated 80% of all critical workloads continue to reside on VMware, the challenge becomes apparent: how can financial organisations ensure compliance within this predominant environment? This blog post aims to unravel the strategic importance of forging a partnership with the right expertise to seamlessly navigate the DORA compliance journey.

Understanding the Imperative Nature of DORA Compliance

DORA is meticulously crafted to enhance operational resilience across the entire financial sector, addressing a wide range of IT risks. It demands a comprehensive risk management approach, stringent reporting procedures, and resilient infrastructure. This means that not only financial institutions but also any entities involved in managing IT for financial services institutions need robust systems. These systems must be capable of withstanding disruptions and quickly recovering from them, ensuring uninterrupted and secure financial operations.

Utilising Runecast for DORA Compliance

Runecast stands out in the realm of proactive IT solutions, offering a pivotal tool in aligning VMware landscapes with the stringent standards required by DORA (one of more than a dozen common security frameworks built into its automation capabilities). With the AI-powered Runecast platform, financial organisations can tap into the power of continuous analysis, effectively identifying and mitigating potential vulnerabilities and areas of non-compliance within VMware environments.

This proactive stance not only ensures adherence to the comprehensive regulations set out by DORA but also streamlines the process. By actively scanning configurations, assessing and prioritising vulnerabilities, and providing actionable insights for proactive remediation, Runecast positions itself as an invaluable ally for financial institutions aiming to uphold the highest standards of digital operational resilience.

“We are proud of our strategic partnership with Xtravirt, a collaboration that will undoubtedly bolster the financial services sector’s security and resilience,” said Michiel de Lepper, Global Enablement Manager for Runecast.

Michiel De Lepper
Runecast

"Combining Runecast's predictive analysis and Xtravirt's transformative IT solutions empowers financial institutions to achieve a state of continuous compliance. This partnership is a testament to our shared vision of a more secure and compliant financial services industry, where innovation can thrive and customers can trust that their data is protected."

Global Enablement Manager, Runecast

The Significance of Choosing the Right Partner

Navigating through the complexities of DORA regulations necessitates more than just a superficial engagement with compliance requirements; it demands a deep-dive into the operational intricacies of financial institutions, a realm where VMware platforms still dominate. As such, selecting a partner with a VMware-centric approach becomes not just beneficial, but paramount. 

People

In the pursuit of DORA compliance, the value of the human element cannot be overstated. Opt for a partner with a team that has extensive knowledge of both the regulatory frameworks governing financial institutions and the specific technicalities of VMware environments. Their prior experience in navigating similar challenges equips them with proven strategies, ensuring a smooth and efficient path to compliance.

Additionally, their ability to humanise the challenges posed by DORA translates into clearer communication and a more tailored approach, helping to demystify the complexities and guide you confidently through the compliance process. 

“The Xtravirt team are without doubt world-class subject matter experts on the VMware product suite. Their depth and broad experience – not just in academic but throughout the commercial world – has given us a real competitive advantage” says Aron Bibby, Senior Network Engineer, University of Bristol.

Process

Navigating the complex regulatory landscape can come with technical challenges, therefore engaging with a partner who not only grasps the intricacies of compliance but also understands it from a VMware-centric perspective is crucial. Additionally, an understanding of cybersecurity and risk management is essential to ensure that the stringent requirements of DORA are met, ensuring the security and reliability of your systems.

Finding a partner that takes a proactive approach, is agile and flexible is key to necessitate continuous updates and improvements to operational processes. Choosing a partner with these traits makes them a trusted guide through the labyrinth of DORA compliance, ensuring that your journey is smooth, secure, and entirely aligned with the best practices of both worlds.  

We have developed our managed service delivery to align seamlessly with ISO:27001, and ISO:20000, while also adhering to Cyber Essentials Plus and the rigorous independent audits required to maintain our VMware Managed Services Specialisation. This showcases our deep understanding of VMware and how it integrates with compliance, including the specific demands of DORA. Our processes have been expertly tailored to wrap around VMware technology in a compliant manner, ensuring that we are not just meeting the standards, but truly embodying them in every aspect of our service delivery.  

Technology

In this era where digital operations are intertwined with institutional resilience, the technological tools at your disposal can make or break your compliance journey. By facilitating automated compliance checks, detailed security vulnerability assessments, and comprehensive performance monitoring, Runecast provides a robust and effective tool for those looking to ensure their VMware environment stands up to the rigours of DORA’s demands. 

With the 2025 deadline for DORA compliance on the horizon, proactive preparation is key for financial institutions.  

Explore DORA with Xtravirt

At Xtravirt, we understand the unique challenges of navigating DORA compliance, especially within VMware-centric environments prevalent in the financial sector. We have developed our managed service delivery to align seamlessly with ISO:27001, and ISO:20000, while also adhering to Cyber Essentials Plus and the rigorous independent audits required to maintain our VMware Managed Services Specialisation. This showcases our deep understanding of VMware and how it integrates with compliance, including the specific demands of DORA. Our tailored processes and deep expertise make us your ideal partner for this journey. 

By leveraging solutions like Runecast, we enable your organisation to confidently meet DORA requirements, ensuring operational resilience in the digital era. We combine Runecast’s innovative compliance monitoring system with a specialist portfolio of  cloud consultancy and managed services, to create a holistic ready-to-go solution for VMware technologies that meets regulatory compliance.  

If you would like to learn more about Xtravirt’s Managed Services, powered by Runecast, please get in touch. 

About Xtravirt

Xtravirt is an independent cloud consulting and managed services business with over 15 years’ experience supporting organisations across the public, private, and not-for-profit sectors. We believe in enabling digital transformation journeys to achieve better business outcomes at every stage of the IT lifecycle. We help our customers to solve their tactical and strategic challenges, whilst empowering them to innovate and thrive in an ever-changing digital world. Our core consulting and managed service capabilities include multi-cloud, digital workspace, networking, security, and modern applications. 

Find out more at xtravirt.com or email info@xtravirt.com. 

About Runecast

Runecast Solutions Ltd. is a global leader in AI-powered risk mitigation, security, continuous compliance and more efficient IT operations management. Our cloud-native application protection platform (CNAPP), Runecast, spans on-premises VMware to operating systems, cloud and containers. Trusted by forward-thinking enterprises across the most heavily regulated sectors, we provide proactive vulnerability and configuration drift management, security and compliance assessment, operational efficiency and mission-critical stability. Headquartered in London, U.K., Runecast is recognised as a Gartner Cool Vendor, recommended by CISA, and has earned Frost & Sullivan’s 2023 European New Product Innovation Award in the CNAPP industry, as well as Computing magazine awards for Enterprise Threat Detection, Cloud Security Product of the Year, and Best Place to Work in Digital. Learn more at https://www.runecast.com. 

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