Insurance companies business in a digital environment: What does DORA bring?

The operation of insurance companies offers a range of advantages in a digital environment, such as accelerated transactions, easier access to insurance services, and cost reduction. However, they also carry the risk of ICT (Information and Communication Technology) risks and cyber attacks. In order to overcome the discrepancies in the national legislations of EU member states and the fragmentation of the financial market, the Digital Operational Resilience Act, known as DORA, was adopted. In this paper, the author aims to highlight the challenges that insurance companies face in a digital environment, the current regulation regarding ICT risk management, and the difficulties that both states and insurers may expect during the implementation of DORA's provisions. It should be noted that this approach also enables the protection of insurance customers, which is the main goal of EU insurance regulation (Solvency II).

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Publication Details

Journal
Tokovi osiguranja
Published
2025-01-01
DOI
https://doi.org/10.5937/tokosig2501069t
Primary Topic
Insurance and Financial Risk Management
Type
article
Field-Weighted Citation Impact
0.00
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article

Insurance companies business in a digital environment: What does DORA bring?

Iva Tošić
Tokovi osiguranja
Insurance and Financial Risk Management
article

Insurance companies business in a digital environment: What does DORA bring?

Iva Tošić
article en

Abstract

The operation of insurance companies offers a range of advantages in a digital environment, such as accelerated transactions, easier access to insurance services, and cost reduction. However, they also carry the risk of ICT (Information and Communication Technology) risks and cyber attacks. In order to overcome the discrepancies in the national legislations of EU member states and the fragmentation of the financial market, the Digital Operational Resilience Act, known as DORA, was adopted. In this paper, the author aims to highlight the challenges that insurance companies face in a digital environment, the current regulation regarding ICT risk management, and the difficulties that both states and insurers may expect during the implementation of DORA's provisions. It should be noted that this approach also enables the protection of insurance customers, which is the main goal of EU insurance regulation (Solvency II).

Tokovi osiguranjaVol. 41(2)
Openalex Percentile: Top 69%
Insurance and Financial Risk Management
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