Cyber Security Risk Management: An overview of the European NIS 2 Directive

The NIS-2 Directive, officially known as "The Network and Information Security (NIS) Directive," was published in the EU Official Journal on December 27, 2022, and came into effect on January 16, 2023. It governs the cybersecurity and information security of businesses and institutions. EU member states are required to transpose it into national law by October 2024.

The NIS-2 Directive enhances cybersecurity requirements and sanctions to harmonize and improve the security levels across member states. It imposes stricter requirements on various sectors, addressing topics such as cyber risk management, control and monitoring, incident response, and business continuity. Additionally, the directive broadens the scope to include more organizations. Stricter liability rules will apply to the management of affected organizations.

Main goals & objectives of the NIS2:

• Implement effective risk management
• Ensure corporate accountability for cybersecurity
• Establish efficient reporting obligations for security incidents
• Develop robust business continuity plans for cyber incidents

NIS & NIS2: What’s the difference?

The NIS2 directive is an evolution of the foundational NIS framework, reflecting the changing landscape of cybersecurity and the need for robust regulations in a digital age. While it retains the core principles of the original NIS, NIS2 introduces a series of significant enhancements that address emerging threats and challenges.

These modifications are not just extensions but are pivotal shifts designed to encompass a wider range of entities and promote a more holistic approach to cyber security.

• A broader spectrum of enterprises, governmental bodies, and organizations fall under the purview of NIS2.
• Increased emphasis on ensuring that partners and suppliers adhere to cybersecurity protocols.
• Implementation of sanctions, reminiscent of those found in GDPR.
• Mandated cybersecurity training for management teams.
• Obligatory reporting of cybersecurity incidents.
• Encouragement of encryption practices.

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