The European Banking Authority together with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, has released a joint overview of ICT third party providers in the EU as part of efforts to prepare for the introduction of the EU’s Digital Operational Resilience Act (DORA) in 2025. The report identified approximately 15,000 ICT third party providers directly serving financial sector firms across the EU.
The overview also found that “the frequently used ICT third party providers directly support many critical or important functions. Moreover, where financial entities use services to support critical or important functions, or where service continuity would have a high impact, most of such services are non-substitutable.”
The report included an overview of the types of contractual arrangements between ICT third party providers and financial firms, as well as the percentage of these arrangements which directly support critical services. Details are in the table below:
Full report available here.
[Image Source: European Banking Authority]
