A survey by Veeam Software has revealed that 96% of financial services organizations in the EMEA region perceive their data resilience to be inadequate.
Executives from top IT departments across the UK, France, Germany, and the Netherlands shared their views on adapting to DORA, a crucial EU framework set for January 2025. These leaders highlight that despite increased emphasis on DORA, numerous challenges persist:
- Enhanced stress on IT and security teams (41%);
- Rising ICT vendor costs (37%);
- Regulations limiting innovation (22%);
- Absence of budget for compliance (20%).
Organizations, while prioritizing DORA, struggle with:
- Lack of recovery and continuity testing (24%);
- No incident reporting mechanisms in place (24%);
- Inadequate DORA implementation lead roles (24%);
- Failure to conduct digital operational resilience tests (23%);
- Lack of verified backup integrity and secure recovery protocols (21%).
The most daunting challenge is overseeing third-party risks, with 34% finding it difficult. However, 20% refrain from implementing DORA due to a lack of visibility into their third parties’ operations.
Data Resilience Maturity Model – DRMM
22% of organizations suggest that DORA could benefit from simplification and clearer guidance on third-party risk management. In response, Veeam and McKinsey have developed the Data Resilience Maturity Model (DRMM), which was informed by insights from over 500 IT and operations leaders. This framework enables organizations to evaluate their data resilience and unite IT, security, and compliance efforts into a cohesive strategy, enhancing overall resilience while ensuring DORA compliance.
Veeam’s objective is to support businesses in achieving robust recovery against disruptions through “radical resilience.” Their solutions encompass backup, recovery, portability, security, and intelligence, providing IT and security leaders with the assurance needed for their applications and data to remain protected and accessible across diverse environments, including cloud and Kubernetes.