DORA: A Missed Opportunity for Credit Unions in Ireland
In a recent, perhaps surprising development, the Department of Finance confirmed to the Irish League of Credit Unions (ILCU) on 10th July 2023, its intention to apply the member state exemption in relation to the DORA Digital Operational Resilience Act (DORA). This resolution, made possible by the wording in Article 2 (4) which allows discretion to Member States, means Irish Credit Unions will be exempt from compliance with DORA.
There is a certain school of thought, notably represented by the ILCU, which sees this decision as a positive outcome. However, as a seasoned cyber security, risk, and compliance professional, I hold a divergent view. This article attempts to articulate my standpoint, drawing upon more than three decades of experience in the global financial sector, and aiming to foster a thought-provoking conversation around the implications of this exemption.
