European Supervisory Authority or ESAs are responsible for imposing and enforcing penalties on defaulters. ESAs are buttressed by DORA to support resilience in finance when it comes to digital operations. Breach of compliances regarding the durations, nature, gravity and level of co-operation are met with different degrees of fines.
- Up to 2% of your annual worldwide turnover will be imposed as a fine.
- ESAs can also impose a fine of 1% on your business’s daily worldwide turnover, depending on the type and severity of your breach.
- A sum of 1 million euros can be fined.
- Critical third-party ICT services can be fined up to 5 million euros.
- Individuals can be fined up to five hundred thousand euros for non-compliance.
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