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New: ECUC’s Positions on DORA
The European Cloud User Coalition (ECUC) welcomes the Digital Operational Resilience Act (DORA) and its commitment to strengthening the financial sector against the escalating threat of cyber-attacks and other ICT risks.
In our latest publication, we develop our view on DORA regulation and its supporting acts, highlighting the hurdles faced by Financial Institutions and proposing actionable enhancements.
Our vision is clear: to emphasize greater the European Financial Industry’s needs, especially the practicality of the requirements set forth in DORA.
Discover our position!
Checklist 1.0
The ECUC Checklist aims to promote a structured dialog between cloud users, providers and other parties. It is a self-questionnaire for cloud service providers, who want to evaluate their offerings for the use in the financial sector. It can also be used by financial institutions who want to evaluate the current status of their cloud implementation.
The Checklist translates ECUC´s positions from the new Position Paper 2.1 into questions and references to laws, regulatory requirements and internationally recognized standards.
Latest version of the ECUC Checklist.
Position Paper 2.1
The Position Paper in its revised version continues to cover requirements for achieving standardisation of compliant and safe use of public cloud technology in regulated European financial institutions. It addresses major topics ranging from Privacy, Security, Governance & Regulation, Contractual Clauses to Portability, Resilience & Exit Strategy. The paper also includes a review and summary of the European Commission´s proposed Digital Operational Resilience Act (DORA).
The Position Paper is a living document, and subject to regular updates.
Latest version of the ECUC Position Paper 2.1.
Cloud Computing is a key technology.
Public cloud solutions are becoming increasingly important due to their flexibility and scalability, as well as the high security standards. However, for compliant public cloud adaption the specific European standards must be met. By defining uniform requirements, ECUC wants to maintain these high standards and achieve them in a more effective manner.
On demand infrastructure
Public cloud technology does not require users to invest in computing capacity or data center infrastructure. It provides “on demand” infrastructure and service solutions on a pay-per-use basis. Capex investments are replaced by opex expenses.
Financial institutions moving to the cloud
Digitalization requires up-to-date technology, and nowadays quicker than a decade ago. Outsourcing new or existing processes and applications into public cloud converts capital expenditure into operation expenses. This provides financial institutions the opportunity to focus on use case implementation thereby creating business value.
Cloud fosters business value
Agility is not only an organizational form but must be achieved through scalability, cost effectiveness through pre-built functionality, while at the same time providing high quality standards including cyber resilience.
The challenge for European financial institutions
All cloud activities must be compliant with European standards and regulations. Currently each company using cloud services needs to find its own answers.
The solution: European Cloud User Coalition
Instead of leaving each company to solve these challenges on their own, the European Cloud User Coalition (ECUC) brings financial institutes together, thus strengthens the European market, enables a more effective public cloud adoption in Europe and increases transparency for regulators and supervisors.
Are you interested in becoming a member of the European Cloud User Coalition? Contact us and we will schedule a meeting to answer your questions and discuss further steps.