In the modern cyber threat landscape, preventing all attacks is an impossible goal. The focus must instead shift to understanding which threats pose the highest risk and allocating resources accordingly. Threat intelligence platforms are invaluable for this purpose, helping organizations identify risks and improve security in the context of their specific operations.
However, cybersecurity performance remains uneven across industries, organizations, and countries, creating uncontrolled risks, particularly for sectors like critical infrastructure, finance, and healthcare. When a cyberattack threatens lives or disrupts societal stability, the stakes are far too high to ignore.
The urgency to address these risks has driven governments and international authorities to action, leading to a wave of new cybersecurity regulations.
A Global Push for Cybersecurity Regulation
Over the next year, several new regulations will take effect, aiming to strengthen cybersecurity across industries. Many of these require companies to evaluate and assure the cybersecurity performance of their supply chains, acknowledging the interconnected nature of modern technology ecosystems.
Two prominent examples are:
- The NIS2 Directive: Applicable to companies in critical industries and their supply chains across the EU.
- The Digital Operational Resilience Act (DORA): Targeting financial institutions and their ICT suppliers.
While these regulations originate in the EU, their inclusion of supply chain entities means they will have far-reaching global effects. Both directives emphasize a risk management-based approach to cybersecurity and mandate timely reporting of incidents.
In the US, the SEC has adopted rules requiring organizations to disclose material cybersecurity incidents and provide annual updates on their risk management strategies.
Accountability Takes Center Stage
A defining feature of these regulations is their emphasis on accountability. Historically, cybersecurity regulations have been criticized for lacking enforcement, but the new frameworks introduce serious consequences for non-compliance.
For example, under NIS2, the management of essential entities must:
- Approve cybersecurity risk management measures.
- Oversee their implementation.
- Face liability for any infringements.
Penalties include multi-million-dollar fines, public naming, and even prohibitions on executives performing managerial roles. This shift elevates cybersecurity from an IT issue to a board-level concern, much like the Sarbanes-Oxley Act of 2002 did for financial accountability.
The Challenge of Multidisciplinary Compliance
Despite the increased focus on accountability, implementing these regulations effectively presents challenges. Their multidisciplinary nature often leads to confusion about roles and responsibilities.
For instance:
- CISOs may recognize the impact on cybersecurity programs but struggle to align with governance, risk, and compliance (GRC) teams.
- Some security operations (SecOps) teams may view compliance as outside their purview, despite regulations requiring specific security practices.
Achieving compliance will require collaboration across teams. CISOs and operational staff must work closely with risk and compliance specialists to design programs that meet regulatory demands while effectively managing cybersecurity risks.
A Threat Intelligence-Informed Approach
Threat intelligence is central to navigating this new era of cybersecurity compliance. By gathering, analyzing, and prioritizing threat data in the context of business operations, organizations can:
- Identify where risks exist.
- Allocate resources more effectively.
- Strengthen defenses.
Threat intelligence also plays a critical role in incident response. Regulations like NIS2 and DORA require companies to report significant incidents within tight timelines—often as little as 24 hours. Reports must include detailed information such as indicators of compromise, severity, and likely impacts. Automation through a threat intelligence platform can streamline these processes, ensuring timely and accurate reporting.
Additionally, information-sharing and collaboration are key components of these regulations. By pooling threat data across businesses, industries, and governments, organizations can collectively enhance cybersecurity standards, reducing risks across the board.
Turning Compliance into Opportunity
While cybersecurity regulations may seem like a compliance burden, they also represent a chance to improve business resilience. With the right tools and strategies, organizations can:
- Gain clear visibility into their cybersecurity risks.
- Strengthen their defenses.
- Align security efforts with business objectives.
The focus on accountability ensures that cybersecurity is taken seriously at every level of the organization, from the IT department to the boardroom.
Cybersecurity Is Everyone’s Responsibility
In an era of borderless cyber threats, regulations like NIS2 and DORA are essential for raising standards and protecting critical sectors. By taking a positive approach to compliance, organizations can not only meet regulatory demands but also strengthen their overall cybersecurity posture.
As we enter this new phase, one thing is clear: cybersecurity is no longer optional—it’s a strategic necessity.
Ready to navigate the evolving cybersecurity landscape? Cyber Safe Business can help. From building threat intelligence capabilities to implementing compliance strategies, we’re here to guide you every step of the way.
👉 Contact us today to learn more.