Do you know what the European Union´s Network and Information Security Directive 2022/0383 (aka NIS2) is, and why it should be on your company´s radar? Allow us to clarify that for you!
If you´ve seen the intriguing Netflix series La Casa de Papel – or Money Heist (and if you haven´t, queue it up immediately. You don´t want to miss out!), you´re already halfway to understanding our metaphor. Now, picture your company’s digital infrastructure as the Royal Mint of Spain, a treasure you must protect. The NIS2 Directive is like The Professor’s intricate plan, but instead of orchestrating a heist, it’s crafted to prevent one!
With cyber-attacks rapidly becoming one of the fastest-growing forms of crime worldwide, the stakes are higher than ever. For economies and societies, for companies and citizens. Just as The Professor’s team meticulously planned their strategy in La Casa de Papel, so does the NIS2 Directive offer a comprehensive roadmap to safeguard your business’s ‘Royal Mint’ of digital assets against potential cyber heists.
What is NIS2?
The NIS2 Directive is simply the most comprehensive EU-wide legislation cybersecurity yet. This piece of legislation significantly extends the scope of its previous version, the Network and Information Systems Directive (Directive 2016/1148/EC, NIS for short) introduced in the EU in 2016. Being a key part of the EU’s cyber security strategy, the NIS2 Directive aims at strengthening and harmonizing cybersecurity across Europe. The Directive entered into force on 16 January 2023. Now, the Member States are on a 21-month countdown, ticking away until 17th October 2024, to integrate its measures into their national laws.
Who does NIS2 apply to?
The NIS2 directive expands coverage from the original 7 sectors under the NIS directive (Healthcare, Transport, Energy, Digital Providers, Finance, Digital Infrastructure, Water Supplies) adding 8 more (Food, Space, Public Administration, Postal services, Manufacturing, Waste Management, Chemicals, Research).
The legislation applies to any organization operating or carrying out activities within the EU. The Directive provides a distinction between “essential” and “important” organizations, according to the services provided and sectors. Important entities are subject to different supervisory and enforcement regimes. Notable exceptions will be smaller companies that could be considered essential but do not meet a size cap (which is expected to be EUR 10 million in annual turnover and/or fewer than 50 employees) and other entities explicitly excluded by Member States.
What does NIS2 mean for your company? What are the fines for non-compliance?
The Directive strengthens the security requirements for companies by imposing a risk management approach, incident reporting requirements as well as recovery measures. Specific penalties are set for NIS2 violations, these include administrative fines such as up to €10,000,000 or 2% of the global annual revenue for essential companies, or up to €7MM or 1,4% of global annual revenue for important companies. Additionally, non-compliant entities risk non-monetary remedies and criminal sanctions too. Ouch!
How to avoid NIS2 penalties with the help of AI-powered software
As The Professor in the show relied on technology, blueprints, and various tools to formulate and execute his plan, today you can utilize advanced software tools to implement your company cybersecurity plans under the NIS2 Directive.
Though the right question to ask yourself is: do you just aim to comply with NIS2 and dodge penalties or do you recognize that security is essential for your business? Are you willing to elevate your digital infrastructure to the next level?
If you are, ValueMiner is the third arm you wished for. Just as The Professor leveraged a blend of human ingenuity and the right tools for each stage of the heist, ValueMiner – the all-in-one AI-powered software platform – offers a combination of artificial intelligence and strategic frameworks to assist businesses in understanding their digital infrastructure, identifying vulnerabilities, and planning their security measures.
In essence, AI-powered tools like ValueMiner become ‘The Professor’ for your company’s cybersecurity, helping you devise, execute, and continuously refine your defense strategy under the NIS2 Directive, keeping your ‘digital mint’ safe from potential heists. With powerful tools like ValueMiner, automated, fast, and efficient risk assessment and compliance assessments become the new norm, all while securing your data on-premises.
With stricter requirements for risk management and incident reporting, wider coverage of sectors, and more hard-hitting penalties for non-compliance, hundreds of thousands of EU organizations will need to reassess their cybersecurity posture. Probably including yours. We´re here to lend a hand.
Be The Professor, not the victim: master NIS2 Directive compliance with ValueMiner.
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