Unlocking the NIS 2 Directive: Embracing Compliance as Your Ultimate Strategy

NIS2 Directive in Greece: An overview

The Network and Information Security Directive 2 (NIS 2) is an evolution of the initial NIS Directive, introduced by the European Union to improve cybersecurity across member states. It aims to enhance the security of network and information systems in critical sectors such as energy, healthcare, transportation and digital infrastructure, where an operational disruption may cause a major impact on society. Key features of NIS 2 include:

• Expanded Scope: NIS 2 covers more sectors and introduces stricter security and incident reporting requirements.
• Harmonization: Ensures a more unified approach to cybersecurity across EU member states.
• Risk Management: Emphasizes the need for comprehensive risk management practices and improved resilience.

On 26 November 2024, Greece successfully completed the transposition of the NIS 2 Directive, adopting high-level cybersecurity measures that align with the stringent standards observed throughout Europe. The Hellenic Parliament formally enacted Law 5160/2024, which incorporates NIS 2 into national law, known as the Greek Cybersecurity Law. This law came into effect in its finalized form upon publication in the Official Government Gazette on 27 November 2024. Additionally, the European Commission requires Member States to establish a list of essential and important entities, along with those providing domain name registration services, by 17 April 2025.

NIS2 security requirements

In addition to safeguarding network and information systems, the aim of NIS2 is to enhance operational resilience. Article 21 of the Directive details the security requirements organizations must adhere to, including the following:

• Risk management (Risk analysis, ISMS)
• Business continuity (Backups, Disaster recovery, Crisis management)
• Supply chain security (Third party risk management)
• Vulnerability management (Asset management, Vulnerability assessment, Vulnerability disclosure)
• Security awareness (Training, Computer hygiene)
• Technical controls (Cryptography / Encryption, Access control, MFA)
• Incident handling (Early warning, Official incident notification, Final report)

The more requirements there are, the higher the cost. The economic noose seems to be tightening around the necks of businesses. However, is NIS 2 Compliance merely an economic burden, or can it be viewed as a strategic investment that promotes business growth?

The Cost of NIS 2 Compliance

The cost of compliance with NIS 2 varies based on several factors, such as the size of the organization, the sector in which it operates and the specific requirements it must meet. Here’s a breakdown of the costs involved:

• Initial Assessment and Gap Analysis: It includes expenses for cybersecurity audits and assessments aimed at identifying gaps in current security practices. Organizations may need to hire external consultants or utilize internal resources to evaluate their compliance needs.
• Implementation of Security Measures: This involves investing in technology solutions, such as firewalls, intrusion detection systems and incident response tools. Organizations will need to enhance their security infrastructure to meet the directive's requirements.
• Ongoing Monitoring and Maintenance: Continuous monitoring tools and services are essential for compliance. Regular audits and updates will be necessary to maintain compliance status, along with training for staff to keep them informed about compliance practices.
• Documentation and Reporting: Organizations are required to provide an “early warning” report using a standardized format. This report must have a shortened reporting timeframe of 24 hours after an incident. Additionally, they need to submit an Incident Notification within 72 hours of becoming aware of the incident and a Final Report within 30 days.
• Legal and Administrative Costs: Engaging an Information Security expert is crucial to ensure adherence to the directive.

ENISA's findings reveal that although businesses across Europe are waking up to the importance of cybersecurity, taking meaningful action remains a significant hurdle. Moreover, as we look into the state of cyber hygiene in the EU, a concerning gap emerges between the awareness and preparedness of SMEs compared to their larger counterparts. However, meeting the compliance requirements is not a rolling-the-dice game. It's imposed by law, and the EU isn’t a forgiving landscape for those who fall short of compliance with NIS2 regulations. Non-compliance can lead to hefty fines—up to €10 million, or 2% of a company’s total global annual turnover.

Beyond just avoiding these pesky fines and fulfilling legal obligations, the advantages of NIS 2 compliance are impressive and far-reaching. The NIS 2 Directive, with its emphasis on stricter security policies, compels businesses and organizations to embrace a proactive approach to risk management and embrace the vital role of security insurance. This shift not only sharpens their ability to detect, respond to and recover from cyber incidents but also significantly enhances their overall cybersecurity resilience. Moreover, NIS2 encourages organizations to take a closer look at the security practices of their third-party vendors and partners. This heightened scrutiny bolsters supply chain security and ensures that business operations can continue smoothly, even in the face of cyber threats. As companies adopt this forward-thinking risk management strategy, they build substantial operational resilience, transitioning from a reactive crisis mode to a more strategic, proactive stance. With these improvements in place, organizations are better equipped to weather cyber disruptions and emerge stronger than ever.

When businesses and organizations prioritize cybersecurity, they not only safeguard their assets but also earn the trust of customers, partners, and stakeholders. Board members play a crucial role in this process, as they hold the ultimate responsibility for overseeing cybersecurity risks in critical entities. By actively participating in cybersecurity decision-making, they foster a culture of awareness and vigilance at the highest level. It’s clear that while complying with NIS 2 may require an upfront investment, this commitment pays off in the long run, leading to significant cost savings and a more secure future. Embracing cybersecurity isn't just about meeting regulations; it’s about building a resilient foundation for success.

The End of an Overwhelming NIS 2 Compliance Journey

At Neurosoft, we understand that the journey to compliance might seem overwhelming. Therefore, we are by your side to help you navigate it with ease. We simplify the NIS 2 Compliance process and turn what may feel like a mountain into a solid foundation for a secure and resilient future across all sectors, including the industrial sector (OT assessment). Success in this endeavor relies not only on careful planning but also on meticulous execution, ongoing training, rigorous testing, and continuous review.

That’s why we've developed “Neurosoft’s Holistic Readiness Approach”, a three-step strategy designed to make compliance seamless:

• NIS2 Gap Analysis: We kick off with an insightful analysis of your infrastructure, pinpointing gaps through tailored NIS 2 questionnaires and comprehensive risk assessments. Our seasoned GRC and Technical Advisory teams provide personalized, risk-based recommendations and a roadmap based on your specific findings.
• Risk Management: In the next phase, we establish and maintain robust Compliance and Risk frameworks. This involves extensive Security Gap Analysis, developing tailored policies and procedures, and Security Awareness training. Our effort extends to providing ongoing monitoring and updates, for the right Risk Management measures of Cyber Security. Plus, if certification is on your horizon, we’re here to guide you every step of the way.
• Technical Implementation: Finally, we implement cutting-edge Cyber Security Services and Technology solutions that drive your NIS 2 compliance. This includes everything from Penetration Testing and Adversary Simulations to Security Operations Center as a Service (SOCaaS) and Incident Response. We ensure the integration of vital technical controls like Multi-Factor Authentication, Data Loss Prevention, Backup, Encryption, Third Party Risk Management and Identity & Access Management.

Moreover, Neurosoft offers CISO as a Service (CISOaaS) to cover the NIS2 demand for a designated compliance monitoring officer to assist organizations in maintaining a strong security posture, complying with regulatory requirements, and reducing risks associated with cyber threats. This service provides businesses with access to the expertise and leadership of a Chief Information Security Officer (CISO) on a flexible, on-demand basis. By using CISOaaS, organizations can develop, implement and manage their information and cybersecurity strategies without the need to hire a full-time executive.

If you're seeking actionable insights on bridging compliance gaps, enhancing your security strategies, and transforming NIS2 from a regulatory obligation into a strategic business advantage, join our webinar “#NIS2_4U: A Practical Approach”. Engage in a live discussion with our panel of Neurosoft experts and find the answers to your questions about NIS2 compliance.

Let’s build a safer future together! Book your virtual seat!