As I have already indicated, most of the world’s largest economies have within the last decade seen appreciations of a size similar to that experienced by New Zealand in the mid-nineties. The Hong Kong dollar, effectively tied to the United States dollar since the early eighties, saw a huge real appreciation during the nineties in part as a result.
DORA could help to lower these numbers and mitigate wider impacts of serious cyber incidents. With more consistent and standardised incident reporting procedures, DORA could also reduce the administrative burden on financial institutions and increase the efficiency of supervision. However, standardisation also narrows the scope for implementing rules in a proportionate manner.