Navigating DORA in Financial Services

A Strategic Challenge

In a world where modernizing banking and insurance IT systems has become essential, the rise of artificial intelligence and large language models (LLMs) offers unprecedented opportunities. These technologies enable innovative data-driven services, such as personalized recommendations and advanced analytics. However, these advancements also bring significant challenges, particularly in data governance and regulatory compliance, such as GDPR and the newly introduced DORA (Digital Operational Resilience Act).

The Challenge of Managing Data in a Transforming Environment

To fully leverage these tools, organizations must share an increasing volume of data among multiple stakeholders, including data engineers, data stewards, data protection officers, and others. However, sharing data comes with risks. If data is not rigorously governed and monitored, accidental leaks or unauthorized access can occur. Regulatory bodies like GDPR can impose fines of up to 4% of global annual revenue, and DORA adds another layer of requirements for operational resilience, governance, and traceability.

DORA Expectations Covered by TrustLogix

DORA sets high standards for financial institutions to ensure the security and resilience of their digital operations. Key expectations include:

• Granular Access Control: Limiting access to data based on roles and needs, ensuring that only authorized users can access sensitive information.
• Traceability and Auditability: Maintaining detailed logs of all data access and operations, enabling organizations to provide evidence of compliance during audits.
• Real-Time Monitoring: Identifying and mitigating potential security risks promptly.
• Third-Party Risk Management: Ensuring that external vendors handling sensitive data comply with the same governance standards as the organization.
• Incident Response and Recovery: Establishing procedures to respond to and recover from data breaches or operational disruptions.

How TrustLogix Meets These Challenges

TrustLogix provides a comprehensive solution that aligns with DORA’s expectations while also addressing GDPR and other regulatory requirements:

• Granular Access Control: TrustLogix implements least-privilege principles through role-based (RBAC) and attribute-based access controls (ABAC). This ensures that users only access the data necessary for their roles.
• Traceability and Auditability: With near real-time monitoring and detailed logging, TrustLogix provides audit-ready insights, enabling financial institutions to demonstrate compliance effortlessly.
• Dynamic Data Masking: Protect sensitive information by dynamically masking data based on user roles, ensuring unauthorized users only see anonymized content.
• Automation and Policy Enforcement: Predefined policy templates automate access management and compliance checks, reducing manual errors and accelerating data provisioning.
• Integration with Cloud Platforms: TrustLogix seamlessly integrates with Snowflake, Redshift, and Databricks, while maintaining flexibility and avoiding vendor lock-in.

A Concrete Example

Anti-Money Laundering (AML) Use Case

Consider a financial institution implementing an AI-powered Anti-Money Laundering (AML) system. This requires sharing sensitive customer data, such as transaction histories and risk scores, among compliance officers, data analysts, and external auditors.

With TrustLogix:

• Access is restricted to authorized roles, ensuring compliance with DORA’s least-privilege requirement.
• Real-time activity monitoring provides visibility into all interactions with sensitive data.
• Detailed logs are generated for regulatory audits, ensuring that the institution can demonstrate full compliance with DORA and GDPR.

Mitigating Risks to Build Trust

Modernizing banking and insurance systems should not come at the expense of security and compliance. By meeting the expectations of both GDPR and DORA, TrustLogix empowers financial institutions to manage sensitive data confidently while fostering operational resilience.

TrustLogix accelerates data projects, simplifies compliance, and strengthens security, offering financial institutions a defensible position during audits.

Modernization is an opportunity. With solutions like TrustLogix, it also becomes a guarantee of compliance and peace of mind.

Want to learn more about how TrustLogix can help you democratize your data, safely and securely? Get a free data security audit and start identifying your data access issues within minutes, without TrustLogix ever seeing the data itself.