Latest news with #DORA
TECHx
2 days ago
- Business
- TECHx
Veeam Reveals 96% EMEA Financial Firms Struggle.
Home » Emerging technologies » Cyber Security » Veeam Reveals 96% EMEA Financial Firms Struggle Six months after the EU's Digital Operational Resilience Act (DORA) came into effect, Veeam® Software, the Data Resilience, announced findings from a Censuswide survey. The survey revealed that 96% of EMEA financial services organizations still feel their data resilience falls short. The study gathered insights from senior IT decision makers in the UK, France, Germany, and the Netherlands. It highlighted the challenges the sector faces in adapting to DORA, which was introduced in January 2025 to strengthen defenses against cyberthreats and ICT disruptions. 'It's promising to see that most organizations have embraced and feel confident about meeting DORA's requirements,' said Edwin Weijdema, Field CTO EMEA at Veeam. 'Achieving compliance is an important first step in ensuring your organization is resilient but given today's complex threat landscape there's more to do. New Veeam research shows that many financial institutions still see a gap in their overall resilience and face challenges in securing the necessary budget, even as DORA grows in strategic importance. The journey to operational resilience is ongoing, and it's clear that prioritizing data resilience remains critical for organizations' long-term success.' While 94% of organizations reported that DORA is now a higher priority than before the deadline, 40% called it their top digital resilience focus. Half said DORA requirements are part of their wider resilience programs. However, many continue to face obstacles: 41% reported increased stress on IT and security teams. 37% dealt with higher ICT vendor costs. 22% saw digital regulations as barriers to innovation. Despite the focus on compliance, many firms have yet to complete key requirements such as recovery testing, incident reporting, and third-party risk oversight, which 34% cited as the hardest to implement. Andre Troskie, Field CISO EMEA at Veeam said, 'It's interesting to see that third-party oversight has emerged as a particular pain point for organizations. Over a third named it the most challenging to implement, and many called for additional guidance on establishing it in the first place. An often-overlooked facet of data resilience, it's promising to see that organizations are interrogating their defences to this degree which is exactly what it was designed to do. Of course, meeting the requirements is key, but DORA was also about getting organizations to assess their resilience holistically and in that aspect, it seems to be succeeding.' Veeam's experts stressed that while compliance is crucial, true operational resilience requires ongoing effort and holistic data resilience strategies. The company also highlighted its Data Resilience Maturity Model (DRMM), developed with McKinsey, which helps firms assess and improve their resilience against evolving risks. This research emphasizes the growing importance of digital operational resilience for financial institutions across EMEA as they navigate the new regulatory landscape.
Zawya
3 days ago
- Business
- Zawya
96% of EMEA Financial Services Organizations believe they need to improve their resilience to meet DORA Requirements
Dubai, UAE – Six months after the EU's Digital Operational Resilience Act (DORA) came into effect, a new Censuswide survey commissioned by Veeam® Software, the #1 global leader in Data Resilience by market share reveals that 96% of EMEA financial services organizations still feel their current level of data resilience falls short. The survey, which gathered insights from senior IT decision makers at financial services companies in the UK, France, Germany, and the Netherlands, underscores the ongoing challenges faced by the sector as it adapts to DORA – a framework introduced by the EU in January 2025 to strengthen the financial industry's defenses against cyberthreats and ICT disruptions. While DORA has been embedded as a strategic priority across the financial sector, many organizations are still navigating the path to full compliance. The survey found that 94% of organizations surveyed now rank DORA higher in their organizational priorities than they did in the month before the deadline, with 40% calling it a current 'top digital resilience priority.' Half of the respondents said DORA requirements have been integrated into their broader resilience programs, while 39% reported it remains a central focus. The Unintended Consequences of DORA Even with 94% of organizations clear on the steps they need to take; many are facing unforeseen challenges: 41% report increased stress and pressure on IT and security teams. 37% are dealing with higher costs passed on by ICT vendors. 22% believe the volume of digital regulation is becoming a barrier to innovation or competition. 20% have yet to secure the necessary budget to meet DORA requirements. 'It's promising to see that most organizations have embraced and feel confident about meeting DORA's requirements,' said Edwin Weijdema, Field CTO EMEA at Veeam. 'Achieving compliance is an important first step in ensuring your organization is resilient but given today's complex threat landscape there's more to do. New Veeam research shows that many financial institutions still see a gap in their overall resilience and face challenges in securing the necessary budget, even as DORA grows in strategic importance. The journey to operational resilience is ongoing, and it's clear that prioritizing data resilience remains critical for organizations' long-term success.' DORA: Still a Work in Progress Despite this prioritization, many organizations are still working to meet key DORA requirements: 24% have not established recovery and continuity testing. 24% have not implemented incident reporting. 24% have not identified a DORA implementation lead. 23% have not conducted digital operational resilience testing. 21% have not ensured backup integrity and secure data recovery. The most challenging DORA requirement? Third-party risk oversight, with 34% of organizations citing it as the hardest to implement – despite only 20% yet to do so. There are many possible reasons for this, from the limited visibility many organizations have into their third-party operations to the sheer scale of third-party networks. Andre Troskie, Field CISO EMEA at Veeam said, 'It's interesting to see that third-party oversight has emerged as a particular pain point for organizations. Over a third named it the most challenging to implement, and many called for additional guidance on establishing it in the first place. An often-overlooked facet of data resilience, it's promising to see that organizations are interrogating their defences to this degree – which is exactly what it was designed to do. Of course, meeting the requirements is key, but DORA was also about getting organizations to assess their resilience holistically – and in that aspect, it seems to be succeeding.' Additionally, 22% of organizations felt that DORA's design could have been improved to aid compliance, with calls for simplification, clarification, and more detailed third-party risk guidance. Supporting the Journey to Resilience In response to the growing need for structured resilience strategies, Veeam and McKinsey earlier this year introduced the industry's first Data Resilience Maturity Model (DRMM). Built on extensive research and insights from over 500 IT, security, and operations leaders, the Veeam DRMM has been validated through real-world customer outcomes. This framework enables organizations to assess their data resilience using a cross-functional approach that integrates IT, security, and compliance into a unified strategy. It provides a clear roadmap for enhancing resilience and achieving compliance with regulations like DORA. 'DORA was about more than compliance – it was about driving a holistic reassessment of digital data resilience,' added Troskie. 'And in that respect, it's working.' About the Veeam DORA Confidence Survey Censuswide conducted this research on behalf of Veeam between June. 5 and June. 11, 2025. The survey included 404 Senior IT decision makers/Heads of compliance at financial service companies/banks with over 500+ employees across the UK, France, Germany, and the Netherlands. Although the UK is a non-EU member state, it was included due to its significant business ties with EU countries that fall under DORA. An additional criterion ensured that all UK respondents worked for organizations that currently fall under DORA. The study was nationally representative. About Veeam Software Veeam®, the #1 global market leader in data resilience, believes every business should be able to bounce forward after a disruption with the confidence and control of all their data whenever and wherever they need it. Veeam calls this radical resilience, and we're obsessed with creating innovative ways to help our customers achieve it. Veeam solutions are purpose-built for powering data resilience by providing data backup, data recovery, data portability, data security, and data intelligence. With Veeam, IT and security leaders rest easy knowing that their apps and data are protected and always available across their cloud, virtual, physical, SaaS, and Kubernetes environments. Headquartered in Seattle with offices in more than 30 countries, Veeam protects over 550,000 customers worldwide, including 67% of the Global 2000, that trust Veeam to keep their businesses running. Radical resilience starts with Veeam.
IOL News
3 days ago
- Politics
- IOL News
News you should know tonight: Top 5 stories you may have missed on July 16, 2025
President Cyril Ramaphosa claims the Government of National Unity (GNU) was formed with challenges in mind, including unemployment, rampant crime, poverty, corruption, and restoring the trust of the people, despite the ANC having lost its majority in the May 2024 general elections. Phando Jikelo Good evening, IOL News family! It's Wednesday, July 16, 2025, and it's time for a wrap of the biggest headlines making waves in South Africa and beyond. Don't forget to join the IOL WhatsApp Channel to stay in tune, informed, and in the know. Hlophe to Ramaphosa: 'A President broken beyond repair, your couch swallowed millions, you claim to fight corruption?' MK Party deputy president and MP John Hlophe launched a scathing attack on President Cyril Ramaphosa in Parliament on Wednesday, calling him a 'President broken beyond repair' and accusing him of hypocrisy over the Phala Phala scandal. To read on, click here. Ramaphosa says GNU was formed to fix unemployment, crime, and corruption in SA President Cyril Ramaphosa claims the Government of National Unity (GNU) was formed with challenges in mind, including unemployment, rampant crime, poverty, corruption, and restoring the trust of the people, despite the ANC having lost its majority in the May 2024 general elections. To read on, click here. ANC and DA condemn MK Party's chaos over Division of Revenue Bill The African National Congress (ANC) in KwaZulu-Natal has criticised the MK Party for its handling and ultimate rejection of the Division of Revenue (DORA) Bill, which was passed during a special sitting of the KZN Legislature on Tuesday. To read on, click here. 'Choose your emojis carefully': Workplaces urged to establish emoji use policies Companies can no longer afford to ignore the use of emojis in the workplace, and should take steps to update their social media policies. To read on, click here. ARVs in the water: Department of Health calls for serious action The Department of Health believes that while the discovery of antiretroviral drugs (ARVs) in the country's tap water and rivers means those needing them are taking them, there is a need for stakeholders who clean our water to be more responsible. To read on, click here. Get your news on the go, click here to join the IOL News WhatsApp channel. IOL News
IOL News
4 days ago
- Business
- IOL News
ANC and DA condemn MK Party's chaos over Division of Revenue Bill
ANC and DA condemn MK Party's internal chaos and split vote on the Division of Revenue Bill, warning it jeopardizes governance and service delivery in KwaZulu-Natal amid ongoing leadership turmoil. Image: Doctor Ngcobo/ Independent Media The African National Congress (ANC) in KwaZulu-Natal has criticised the MK Party for its handling and ultimate rejection of the Division of Revenue (DORA) Bill, which was passed during a special sitting of the KZN Legislature on Tuesday. The ANC described the bill as vital for the continued delivery of essential services such as healthcare, education, housing, and social development. The KwaZulu-Natal Legislature on Wednesday passed the Division of Revenue Bill with 65 members voting in favour, six against, and no abstentions. The vote exposed a growing rift within the Umkhonto weSizwe Party (MKP), as five of its MPLs voted against the bill, defying their newly appointed Chief Whip, Bonginkosi Mngadi, who supported it. The bill, which outlines how national revenue will be shared among all spheres of government for the 2025/26 financial year, was debated during a virtual special sitting presided over by KZN Legislature Speaker, Nontembeko Boyce. While Mngadi affirmed MKP's support for transparency and accountability by backing the bill, former Chief Whip Mervyn Dirks voted against it, aligning with the party's national stance and causing visible confusion within the MKP ranks. ANC KZN spokesperson Fanie Sibisi welcomed the support from the majority of Members of the Provincial Legislature (MPLs), stating, 'The ANC salutes the 65 Members of the Provincial Legislature who voted in favour of the Bill, putting the needs of the people above petty politics. Their vote is a vote for stable governance, uninterrupted services, and continued development across KwaZulu-Natal.' Sibisi condemned the MK Party's disjointed approach to the bill, particularly the five members who voted against it alongside one EFF MPL. 'Their failure to take a clear and unified stance and the decision by five of their members to vote against the Bill was not only reckless, but a betrayal of the very people who sent them to the Legislature,' he said. 'This was not just a vote against a budget, it was a vote against progress, against the poor, and against working-class families who rely on government support every day.' He went on to describe the MK Party as 'a populist organisation with no policies, no discipline, and no respect for democratic responsibility,' accusing it of prioritising internal chaos over public service. Sibisi said: ''What KwaZulu-Natal witnessed today was a party that is confused, unprepared, and uninterested in serving the very communities they claim to represent. Moreover, he noted that their chaotic behaviour in the Legislature confirms what many South Africans are already beginning to see, that voting for MKP was a costly mistake. 'While they play politics with people's lives, the ANC continues to lead with discipline, experience, and a deep understanding of what governance requires,' Sibisi said. ''The ANC in KZN remains committed to building a province that works for all, especially the most vulnerable. As the leader of society, the ANC will continue to partner with all parties whose interest is to protect the gains of our democracy, defend service delivery, and ensure that resources are channelled where they are needed most, to the people.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Meanwhile, the Democratic Alliance (DA) in KZN also criticised the MK Party, pointing to public divisions and internal confusion during the sitting. DA KZN spokesperson on Finance, Tim Brauteseth, said the day 'exposed deep divisions within the MK Party and raised serious concerns for the people of this province.' According to Brauteseth, the session started smoothly, with MKP MPL Slindile Seme backing the bill and even aligning with the DA's fiscal principles. 'The first MKP speaker, Slindile Seme, supported the Bill and even agreed with the DA's financial governance principles,' he said. But confusion followed when Dirks launched a scathing attack on the bill, declaring that the MKP rejected it 'with the contempt it deserved.' This directly contradicted Seme's earlier remarks and sowed chaos in the party's ranks. Brauteseth detailed how MKP's newly appointed Chief Whip Mngadi, 'the umpteenth individual in this role in one year,' as he put it, tried to reverse course by announcing support for the bill. However, when the Speaker allowed members to vote individually, Dirks led a group of MKP MPLs in voting against it. 'This level of confusion within the ranks of KZN's main opposition party is both concerning and revealing,' Brauteseth said. 'It reveals that there is no effective opposition in the KZN Legislature. Instead, it is the DA that can continue to claim this role, by holding the GPU to account from within.' He added that the incident demonstrated the dangers of entrusting the MKP with governance. 'Today's events have exposed that the concept of MKP governing KZN would be a farce and disastrous for the people of our province,' he said. 'Not for the first time, the claim that the DA within KZN's Government of Provincial Unity (GPU) has rescued our province, has been proven true.' Get your news on the go, click here to join the IOL News WhatsApp channel. IOL Politics
Zawya
6 days ago
- Business
- Zawya
LSEG Global Cloud Survey: Financial services firms embrace cloud to drive competitiveness
82% use hybrid/multi-cloud 91% are advancing AI via cloud Financial services firms around the world are accelerating their adoption of cloud technologies to enhance agility, resilience, and innovation, not merely to reduce costs, according to new research conducted by LSEG (London Stock Exchange Group). The global survey of 453 financial services executives reveals that 87% of firms have increased their investment in cloud over the past two years, with a growing emphasis on strategic outcomes such as scalability, revenue growth, and AI enablement. The research shows that 82% of firms now operate with either a multi-cloud or hybrid-cloud strategy, reflecting a shift toward flexibility and risk diversification. However, this evolution is not without its challenges. 84% of respondents have had to adjust their cloud strategies in response to regulatory frameworks such as the EU's Digital Operational Resilience Act (DORA) and General Data Protection Regulation (GDPR). Stuart Brown, Group Head of Data & Feeds, LSEG: 'The results of our survey show that adopting cloud is no longer a technology or engineering led decision; it is a key business imperative. Companies are increasingly driving meaningful value from cloud, improving operational resilience, and preparing for the next wave of innovation. Over the next three years, that innovation will be driven by AI and machine learning, with financial institutions increasingly using cloud to power fraud detection, risk management, data analytics and generative AI.' Security remains a top concern. Nearly half of respondents (47%) cite the sophistication of cyberattacks as their primary worry, followed closely by concerns around data privacy and breaches. Despite this, 92% say operational resilience is a critical or very important factor when selecting a cloud provider underscoring the importance of trust and reliability in cloud partnerships. Firms are seeing tangible benefits from cloud adoption. 54% of respondents report that they have migrated and are already seeing value, particularly in areas like risk management, customer engagement, and enterprise data access. For instance, 83% of firms using cloud for risk management have already completed migration, the highest among all use cases. Interestingly, ROI is increasingly measured by strategic outcomes: 51% assess cloud success by scalability, 47% by revenue growth, and 47% by improved security and resilience. Only 34% prioritize immediate cost savings signaling a shift in how cloud value is perceived. That said, 61% of firms still report reduced IT infrastructure costs, especially in regions like EMEA and APAC, where multi-cloud strategies are more prevalent due to regulatory complexity. The survey found that 91% of firms are either already using or planning to use cloud services for AI initiatives within the next 12 months. Generative AI (60%), fraud detection (50%), and risk management (50%) are the top use cases. Moreover, 84% of respondents say their organizations are somewhat or very advanced in AI adoption, with investment firms leading the way. As firms look to the future, many are also reconsidering their cloud service models. While SaaS remains dominant today (43%), there is growing interest in Platform as a Service (PaaS) and Infrastructure as a Service (IaaS), a sign that firms may be preparing to build more bespoke applications in-house. Click (here) to view the full report. About LSEG LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific. LSEG's ticker symbol is LSEG. Contact Tarek Fleihan Global Communications, LSEG newsroom@
