How banks can increase their operational resilience to prepare for global outages

• Where does the European market currently stand in terms of preparing for DORA and strengthening operational resilience?
  
  
• What else can companies learn about resiliency from the CrowdStrike outage?
  
  
• As companies increasingly rely on external partners, how can they ensure their infrastructure is robust enough?

In this session, we use the significant global chaos caused by the CrowdStrike outage caused by a faulty update in July 2024, which affected not just the financial sector but all industries, as a case study for considering resilience in the modern era. The event wasn’t the first of its kind – nor will it be the last – but it demonstrated the importance of operational resilience and change management in our digital, instantaneous world.

As we approach the deadline for compliance with DORA and similar regulations in other markets, institutions are, for the first time, faced with the challenge of considering not only their own operational resilience, but also that of external partners. Economies of scale mean that our industry is increasingly reliant on external partnerships, which has created a nesting doll ecosystem where each bank has a key supplier, who also has an ecosystem of suppliers, each of whom also have their own ecosystem. From cybersecurity to data leaks to uptime and everything else, institutions need to ensure their resiliency technology stack is top-notch.

What impact does DORA have on businesses and how can they prevent, overcome and resolve resilience issues in a way that not only meets legal requirements but also positively impacts customers? There are many lessons to be learned from the CrowdStrike outage that companies can incorporate into their change management strategies to avoid catastrophe when the inevitable next outage hits the industry.

Register for this Finextra webinar hosted in collaboration with CGIto join our panel of industry experts who will discuss where the industry stands as it prepares for DORA and why operational resilience is so important in a growing partnership-based ecosystem.