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 fragmenta- tion 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).

Keywords: DORA, digital environment, digital operational resilience, ICT risk, cyber incidents, EIOPA.