Fireblocks Unveils DORA Compliance Package for EU Financial Institutions

Fireblocks has introduced its latest initiative, the Cyber and Operational Resilience (COR) Compliance Package, tailored specifically for EU financial institutions looking to meet their obligations under the newly implemented Digital Operational Resilience Act (DORA). This critical compliance requirement is focused on bolstering cybersecurity and operational resilience across banks, financial institutions, and crypto asset service providers (CASPs).

With DORA enforced from January 17, 2025, it mandates that eligible institutions enhance their operational frameworks and ensure robust cybersecurity measures. Fireblocks' comprehensive compliance package simplifies this regulatory challenge by providing a structured approach that allows organizations to prioritize innovation while effectively managing compliance requirements.

Key Features of the Fireblocks DORA Compliance Package

1. Legal Addendum: A specially crafted legal addendum to the Fireblocks Master Service Agreement ensures alignment with DORA's article 30 mandates, offering a clear legal framework for compliance.
2. Comprehensive Reporting: The package includes periodic and annual reports focused on Information and Communication Technology (ICT) security, covering essential performance and support management metrics.
3. Audit Support: Fireblocks supports both pooled and individual audits, as well as penetration testing, providing institutions with the necessary resources to validate their compliance status.
4. Annual Security Pooled Audit Event: This unique feature enables clients to participate in an in-depth audit event facilitated by Fireblocks' security experts, featuring live walk-throughs and operational insights, fostering a comprehensive understanding of compliance challenges.

Simplifying Compliance

Oded Blatman, Fireblocks' Chief Information Security Officer, emphasized the importance of simplicity in navigating regulatory landscapes. “Our COR Compliance Package is designed to reduce complexity and allow our customers to focus on scaling their businesses while meeting their DORA obligations confidently and efficiently,” he stated. By offering a holistic compliance solution rather than isolated services, Fireblocks aims to empower institutions to address contemporary challenges in the digital asset sector effectively.

Many companies offering compliance solutions may provide fragmented or piecemeal offerings, but Fireblocks stands out by establishing a cohesive operational change, dedicated reporting frameworks, and a contractual architecture that aligns with DORA’s stringent regulations. The Annual Security Pooled Audit is particularly noteworthy, as it provides direct access to industry insights and connects clients with Fireblocks' security team to discuss compliance strategies and best practices.

Building Trust in the Industry

As more financial institutions and CASPs navigate the complexities of DORA, Fireblocks emerges as a committed partner in fortifying operational resilience and achieving compliance. The platform's security capabilities, including Multi-Party Computation (MPC) technology and respected certifications such as SOC 2, CCSS, and ISO 27001, assure clients of its reliability.

The essence of DORA extends beyond mere compliance; it sets a precedent for elevated security standards and operational resilience. With the launch of this compliance package, Fireblocks not only aids institutions in meeting these requirements but also supports them in excelling within a more secure financial ecosystem.

About Fireblocks

Fireblocks is a leading infrastructure provider for digital asset management, offering solutions that empower organizations of all sizes to innovate and grow on the blockchain securely. The platform supports a broad spectrum of functionalities, including custody, tokenization, payment settlement, and trading operations, serves a diverse clientele, and safeguards over $7 trillion in digital transactions globally.

For further information, visit Fireblocks to explore how they can assist your institution in navigating the complexities of regulatory compliance in the evolving space of digital assets.