Preventing disaster: How banks can address operational resilience to prepare for global outages

• Where is the European market right now when it comes to preparing for DORA and strengthening operational resilience?
  
  
• What more can organisations learn about resiliency from the CrowdStrike outage?
  
  
• As organisations become more reliant on external partners, how can they ensure their infrastructure is robust enough?

In this session, we’ll use the significant global chaos due to the CrowdStrike outage, caused by a faulty update in July 2024 hitting not just the financial sector but all industries, as a case study for looking at resiliency in the modern era. The event wasn’t the first of its kind – and it will not be the last – but it showcased how crucial operational resilience and change management are in our digital, instant, interconnected world.

As we’re approaching the deadline for DORA compliance and similar regulations appearing in other markets, institutions for the first time are faced with not just having to consider their own operational resilience but that of external partners as well. 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 main supplier, who also has an ecosystem of suppliers, who each have an ecosystem of their own as well. From cybersecurity to leakage to uptime and everything else – institutions need to ensure their resilience tech stack is first class.

What is the impact of DORA on businesses, and how can they prevent, overcome and remediate resilience issues in a way that doesn’t just meet regulatory requirements, but positively affects clients as well? There are many lessons to be learned from the CrowdStrike outage that organisations can implement in their change management strategies to avoid disaster when the inevitable next outage will hit the industry.

Register for this Finextra webinar, hosted in association with CGI, to join our panel of industry experts who will discuss where the industry stands as it braces for DORA and why operational resilience is so crucial in a growing partnership-reliant ecosystem.