Cyber threats are becoming more frequent and complex, which is why it is important for organizations to focus on the protection of their information and business processes. It is not an IT concern anymore; it is a business concern that can either make or break a company.
The world is gradually shifting from the traditional way of doing business and embracing the digital way, and this has called for a strong cybersecurity. Organizations that do not implement proper cybersecurity measures are likely to suffer dire outcomes including data loss, monetary loss, brand damage, and legal sanctions. Preventing your business from these threats is something you should consider important.
Introduction on NIS2 and DORA
Two such recent pieces of legislation are the Network and Information Systems Directive 2 (NIS2) and the Digital Operational Resilience Act (DORA). These frameworks are helpful for the organization and particularly for the business and the financial sectors to improve the cybersecurity and to handle the risk in the cyber space.
NIS2 In The Improvement Of Cybersecurity
NIS2 is actually a new version of the classic NIS or the Network and Information Systems Directive originally enacted in 2016. It is necessary to stress that the NIS2 Directive is intended to strengthen protection of network and information systems in the EU with the focus on essential services and critical infrastructures against cyber threat.
The Benefits Of Implementing NIS2 For Businesses
By implementing NIS2 within your organization, you can expect to reap numerous benefits, including:
- Improved Incident Response: NIS2 mandates organizational readiness to have sufficient plans for handling incidences, thus enhancing your organization’s capacity to detect, mitigate, and get over cyber incidences.
- Enhanced Risk Management: This directive means that there should be a comprehensive risk management policy that will help in the assessment of the risks that are inherent in cybersecurity and how to avoid them.
- Increased Resilience: NIS2 focuses on the need to strengthen your organization’s ability to manage a cyber incident and continue delivering key operations and services.
- Regulatory Compliance: Compliance with NIS2 standard can help your business avoid such consequences as severe fines and harm to business reputation resulting from non-fulfillment of the requirements.
- Competitive Advantage: High cybersecurity level by implementing NIS2 is a strong competitive advantage on the market.
How DORA Helps Businesses Strengthen Their Cybersecurity
DORA introduces several key features that can bolster your business’s cybersecurity efforts:
- Comprehensive Risk Management: DORA requires the financial institutions to put in place sound mechanisms to manage the financial and non-financial risks including the cyber risks.
- Stringent ICT Requirements: This directive outlines the procedures of the management of the ICT systems for security and sustainability.
- Third-Party Risk Management: While DORA is particularly concerned with third party service risk, it helps in the assessment and mitigation of risks in your supply chain.
- Incident Reporting: This directive makes organizations send details of significant cyber security incidents; in this manner, the regulatory authority can monitor new threats.
- Regulatory Oversight: In this respect, DORA offers a solid supervisory framework that would make sure that the financial actors have adequate cybersecurity and operational risk management.
how to prepare for NIS2 and DORA investment for your business.
To effectively invest in NIS2 and DORA for your business, consider the following steps:
- Assess your current cybersecurity posture: Conduct a SWOT analysis of the current position regarding cybersecurity and examine the strengths and weaknesses of the existing approach.
- Develop a comprehensive implementation plan: It is necessary to create a plan in terms of the measures that will need to be taken, the resources that will be required, the time that will be necessary to implement all the changes, and the main activities that will have to be done in order to meet the NIS2 and DORA requirements.
- Allocate sufficient resources: Ensure that your organization invests the right financial, human and technological capital to the cause of NIS2 and DORA compliance improvement.
- Provide employee training and awareness: Make sure that all your employees are conversant with all the aspects of cyber threat identification and reporting.
- Continuously monitor and update your cybersecurity measures: Thus, it is advised to conduct the cybersecurity risk assessment more frequently and modify the strategies due to the change of threats and the appearance of new rules.
Conclusion: NIS2 And DORA: Enhancing Your Business
By adopting NIS and DORA regulatory frameworks in advance you will be able to secure your business, your clients and pave the way for your company’s future.
Based on the nature of the cybersecurity situation, the encouraging changes in the legislation are not only desirable but also mandatory for organizations of all kinds and in all industries to support NIS2 and DORA. Please feel free to contact our specialists to find out more about the possibility of applying these frameworks and protecting your digital business.
