Black Kite Automates EU DORA Compliance for Financial Services

Regulations impacting financial services can now be easily mapped with Black Kite’s Proprietary AI engine

/EIN News/ -- BOSTON, July 16, 2024 (GLOBE NEWSWIRE) -- Black Kite, the leader in third-party cyber risk intelligence, today announced that it has integrated the European Union (EU) Digital Operational Resilience Act (DORA) framework into the Black Kite Platform. The regulations, which go into effect on January 17, 2025, are designed to improve resilience and cybersecurity posture in organizations operating in the financial sector.

The financial industry is one of the most highly targeted industries for cyber attacks due to the significant capital and sensitive data it harbors. In fact, according to Black Kite’s Third-Party Breach Report, last year finance and insurance were the second most affected industries by third party data breaches. DORA is working to combat these threats by building on existing laws, such as the NIS Directive and GDPR, to close gaps in digital and third-party risk management. More than 21,000 EU financial institutions, such as banks, credit companies and information and communications technology (ICT) third-party service providers will be required to comply with DORA, and failure to do so could result in substantial fines. This complex process requires parsing through lengthy documents and coordinating with third-party vendors, so a solution is needed to streamline tasks to ensure compliance is done quickly and efficiently.

Black Kite is helping EU financial organizations meet these mandates by integrating the DORA industry framework into the Black Kite Platform under its compliance module. Using Black Kite’s UniQue Parser 3.0, the industry’s first cyber-aware AI engine, organizations can easily process any security policy or artifact documents uploaded by vendors. Users can also map DORA controls to other frameworks in the platform in seconds, automating the task of aligning security policies with standards. With Black Kite, companies can streamline assessments and pinpoint compliance gaps, saving companies time and greatly reducing risk.

“With the looming deadline for DORA compliance, it’s imperative that EU financial organizations take action sooner rather than later to ensure their security strategies are up-to-date,” said Chuck Schauber, chief product officer at Black Kite. “By leveraging Black Kite’s proprietary AI engine, companies can easily navigate the complex compliance landscape faster and more efficiently than traditional methods.”

Visit the website to learn more about Black Kite’s solution.

About Black Kite
Black Kite gives companies a comprehensive, real-time view into cyber third-party risk so they can make informed and proactive risk decisions that help avoid business disruption, building resilience within their supply chain. With one-of-a-kind collaboration capabilities, companies can work directly with their vendors to report, mitigate, and minimize risk, improving their own business resilience as well as their vendors’ organizations.

Through an automated process, and a combination of threat, business, and risk information, Black Kite provides cyber risk detection and response capabilities that are accurate, fast, and transparent.

Black Kite serves more than 3,000 customers in a wide range of industries and has received numerous industry awards and recognition from customers.

Learn more at www.blackkite.com, and on the Black Kite blog.

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Media Contact:
Geena Pickering
Look Left Marketing
blackkite@lookleftmarketing.com