Digital Operational Resilience Act

The document discusses the importance of monitoring third-party ICT service providers to ensure the digital resilience of financial entities. It emphasizes the need for harmonized contractual elements and the use of standard contractual clauses for cloud computing services.

“Critical ICT third-party service providers should be subject to a Union Oversight Framework to promote convergence and efficiency in relation to supervisory approaches to ICT third-party risk to the financial sector, strengthen the digital operational resilience of financial entities which rely on critical ICT third-party service providers for the performance of operational functions, and thus to contribute to preserving the Union’s financial system stability, the integrity of the single market for financial services.”