Integrating DORA in your SOC2 reporting

SOC 2 assurance reports have stood out for quite some time. They excel in enhancing transparency and trust between ICT service providers and their clients, including financial entities. Originally, this type of report was designed to ensure that security, availability, processing integrity, confidentiality and privacy criteria are met. But now, it evolved to seamlessly incorporate specific regulatory requirements such as DORA. There are several benefits to including other regulations and frameworks into existing SOC 2 reports. This not only helps financial entities maintain compliance up- and downstream, but in addition significantly reinforces the trust that financial institutions can place in their ICT partners.

SOC reporting is often positioned as a strategic tool that provides clarity and trust, proving to clients and suppliers alike that established safety and operational standards are met. For financial entities regulated under DORA, this type of report is invaluable. It not only reduces the due diligence burden by providing consolidated insights into controls and practices of their vendors, but also enhances operational efficiency for ICT service providers by streamlining compliance processes across multiple frameworks. 

For the ICT Service Providers: integrating DORA into SOC 2 is not just a compliance exercise but a strategic enhancement that addresses the increasing complexities of digital operational resilience. DORA's focus on robust ICT risk management, including a detailed emphasis on third-party risks, makes it essential for service providers to adopt a SOC 2+ framework that is DORA-ready. This not only goes for DORA. In light of the Network and Information Systems (NIS) 2 Directive, compliance not only touches the entities in scope but also those service providers handling data or executing processes in name of the in-scope entities.

For the Financial Entities: this brings us back to managing your supply chain risk. A successful organisation stands or falls with strong and reliable partners in their supply chain. To identify the weakest links and prevent those from introducing elevated risk into your business operations, you need to have knowledge and insight. Understanding and assessing the potential impact if one of your most important vendors does not take information security very seriously is crucial. If the vendor does not in itself apply sound risk management principles, how can you be comfortable they have taken every reasonable measure to protect your data?