Navigating NIS 2 in Greece: What Greek Businesses Need to Know About the Updated Cybersecurity Directive
Greece is taking significant strides toward implementing the NIS 2 Directive, even as the October 2024 deadline looms for EU member states. While many countries are also navigating this transition, Greece is actively working to incorporate the directive into its national legislation. This crucial directive is set to bolster cybersecurity across vital sectors, mandating that countries adopt robust security measures and establish regular incident reporting protocols. Key industries such as energy, healthcare, finance, and transportation will see heightened protections designed to safeguard against ever-evolving threats.
In charge of this initiative is the Ministry of Digital Governance, which is focused on updating compliance standards. A key part of this process involves classifying entities as “essential” or “important” under the NIS 2 criteria, which will dictate the level of regulatory oversight and security obligations for each organization. It’s estimated that more than 2,000 medium and large businesses in Greece will be required to comply with these regulations by 2025.
The proposed legislation is currently in the public consultation phase and is expected to be passed by the end of this year, paving the way for its implementation in early 2025. However, as highlighted by executives from the National Cyber Security Authority, significant time will be needed to finalize the specifications for cybersecurity systems, tailored to the unique characteristics of each affected sector.
A Broader Scope of Organizations Concerned
The landscape of entities that must adhere to compliance is broad and goes beyond the original NIS Directive: it captures a wider range of entities, especially those whose closure could have serious repercussions for society, economy and national security. Specifically, this list includes medium-sized enterprises, defined as those employing between 50 and 250 individuals and generating an annual turnover of between 10 and 250 million euros, as well as large companies operating within critical sectors such as energy, transport, health, cloud services, data centers, telecommunications, food production and distribution, chemical manufacturing, pharmaceuticals, sewage and waste management, and courier services.
Furthermore, certain organizations are required to comply with regulations, regardless of their size. This category includes all providers of public electronic communications networks or publicly available electronic communications services, trust service providers, top-level domain name registries, and domain name system service providers. Additionally, the comprehensive list encompasses entities at the national level, including central government, regional authorities, and municipal administrations.
This broader scope in Greece aims to establish consistent cybersecurity standards and enhance incident responsiveness across sectors. Compliance with NIS 2 not only ensures higher cybersecurity readiness but also reduces operational risks, particularly in areas with extensive supply chains or interdependent digital systems, which are now more tightly regulated. Non-compliance can lead to substantial penalties, motivating organizations to align closely with NIS 2’s requirements.
Why NIS 2 Matters for Greek Businesses?
NIS 2 is a crucial regulatory shift for Greek businesses, particularly those in critical sectors, due to several key factors that impact their cybersecurity strategy, compliance obligations and competitive positioning. Here’s why NIS 2 matters for Greek businesses:
- Strict Incident Reporting Requirements
A critical obligation imposed upon these entities is the necessity to report cybersecurity incidents to the National Cyber Security Authority. This ensures timely communication and facilitates the appropriate response to emerging threats. Incident reporting is mandated when an event is deemed significant; specifically, this applies if the incident has resulted in, or has the potential to result in, serious operational disruption of services or financial losses for the affected entity. Additionally, reporting is required if the incident has impacted, or may impact, other natural or legal persons, resulting in substantial material or non-material harm. Thus, in-scope organizations need to adopt more robust cybersecurity measures, including mandatory incident reporting protocols within 24, 72 hours and one month of an incident, to mitigate risks to national and EU-wide infrastructure.
- Enhanced Cybersecurity Resilience for National and Economic Security
By enforcing standardized cybersecurity practices, NIS 2 aims to improve the resilience of critical infrastructure, which is essential for Greek national security and economic stability. Greek businesses, especially in shipping and energy, face high risks from cyberattacks that could disrupt not only their operations but also the broader Greek economy and essential services relied upon by EU partners
- Risk of High Penalties for Non-Compliance
One of the unique aspects of NIS 2 in Greece is that it imposes personal accountability on management bodies to ensure compliance, a step designed to strengthen corporate governance around cybersecurity risk. The government has set up points of contact for stakeholders and will oversee compliance with fines reaching up to €10 million or 2% of global revenue for non-compliance among essential entities.
- Supply Chain Security Focus
Greece’s dependence on global supply chains, especially in industries like shipping and logistics, makes the directive’s supply chain security emphasis particularly relevant. Greek businesses are now required to vet the cybersecurity practices of their third-party suppliers and partners, which adds complexity but ensures greater end-to-end security across interconnected services
- Competitive Advantage and Market Trust
Compliance with NIS 2 not only protects businesses from regulatory consequences but also offers a competitive advantage. Organizations that demonstrate robust cybersecurity practices can attract more clients and partners who prioritize security, particularly in highly regulated industries such as finance and healthcare. Furthermore, showing commitment to cybersecurity aligns Greek businesses with EU standards, strengthening their position within the EU market
By aligning with NIS 2, Greek businesses can enhance their cybersecurity, ensure compliance, protect their bottom line, and build trust within their industry and the broader European market.
Compliance Solution by Neurosoft
Navigating the steps to comply with NIS 2 can often feel overwhelming for businesses. At Neurosoft, we understand this challenge and are here to lighten the load. Our goal is to make compliance as seamless and efficient as possible. Through Neurosoft’s Holistic Readiness Approach, you can effortlessly stay on top of your compliance requirements for the NIS 2 directive, while also easily managing other regulatory frameworks. To ensure business resilience and continuity against disruptive cyberattacks with the least possible concern for organizations we have upgraded our GRC services by utilizing a platform that fully serves the needs of continuous compliance monitoring and multi-framework support with great ease. Let us partner with you to simplify the process, allowing you to focus more on what truly matters for your business!
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