Why Your Business Should Consider SOC Before the NIS2 Compliance Deadline on October 17th

For many Irish business owners, cyber security can seem like an overly complex or technical issue. However, with the new NIS2 Directive set to take effect on October 17th, 2024, certain sectors must prioritise cyber security. By ignoring compliance requirements, such as SOC, you could expose your business to regulatory penalties and heightened risks of cyberattacks.

In this post, we’ll break down what a Security Operations Center (SOC) is. And how SOC as a Service (SOCaaS) can easily help meet your compliance needs. Additionally, why it’s important to act now if your business operates in one of the affected sectors.

What is NIS2 and Why Does It Matter?

The NIS2 Directive is the EU’s updated cyber security regulation which has been designed to increase protection across key sectors. These sectors include: healthcare, financial services, energy, transport, water, and digital infrastructure. The directive aims to improve resilience against cyberattacks and establish mandatory reporting standards for significant security incidents.

In Ireland, compliance with NIS2 will require businesses in these sectors to strengthen their cyber security measures. This may include setting up a system to monitor for potential cyber threats. The law will be enforced starting October 17th, 2024. Penalties or operational disruptions could be faced by businesses that fail to meet the requirements.

For a more detailed overview of NIS2, you can refer to resources from EY on starting your compliance journey. Or BDO‘s insights into how compliance can be a growth opportunity.

What is SOC, and How Does SOCaaS Work?

A Security Operations Center (SOC) is a team or service that continuously monitors your business’s IT systems for cyber threats. SOCs detect, investigate, and respond to security incidents, ensuring your business stays secure around the clock.

For smaller businesses, setting up a fully staffed SOC internally can be expensive. This is where SOC as a Service (SOCaaS) comes in. With SOCaaS, you can outsource your cyber security monitoring to a specialised provider. Thus gaining access to 24/7 threat detection and response without the hefty cost of an in-house team.

Why SOCaaS is Essential for NIS2 Compliance

If your business operates in one of the sectors impacted, an SOC is a critical component for meeting the requirements. Here’s why:

• Continuous monitoring: SOC provides around-the-clock surveillance of your IT systems. This helps your business stay compliant with NIS2’s mandatory incident detection and response measures.
• Reporting capabilities: The NIS2 Directive requires timely reporting of significant security incidents. An SOC provider can ensure that breaches are reported to the relevant authorities quickly and in compliance with regulations.
• Cost-effective: While an in-house SOC may be cost-prohibitive for many SMBs, an SOC provider can offer an affordable solution.

For further information on the legal framework behind NIS2 and how compliance is expected from Irish businesses, the NCSC’s NIS2 guidelines or Matheson’s briefing should be checked out.

Does Every Business Need SOC/SOCaaS?

Only certain businesses are legally required to have an SOC for NIS2 compliance. The Directive primarily applies to sectors like healthcare, energy, transport, banking, and digital infrastructure. If your business doesn’t fall into one of these categories, the requirement may not be there to implement SOC. Though it’s still worth considering as a proactive cyber security measure.

The Benefits of SOC/SOCaaS Beyond Compliance

Even if your business isn’t directly impacted by NIS2, the value of having an SOC security solution cannot be understated:

• Stronger security: A provider continuously monitors your IT environment, safeguarding your business from data breaches, ransomware attacks, and other threats.
• Operational resilience: Cyber incidents can severely disrupt your business. By detecting threats early, SOCaas helps you prevent downtime and maintain business continuity.
• Scalability: SOCaaS allows you to scale your operations, providing enterprise-grade security without the cost of building an internal SOC.

What Should You Do Next?

If your business operates in one of the sectors affected, it’s essential to act before the October 17th deadline. Implementing a SOCaaS solution will ensure that your business meets compliance standards and remains protected against ever-evolving cyber threats.

It’s worth considering the value of SOCaaS to enhance your business’s overall security, regardless of NIS2 requirements. At Infinite Technology, we provide scalable and cost-effective SOCaaS solutions tailored to meet the unique needs of Irish SMBs.

Contact Us Today

Whether you need to comply with NIS2 or simply want to bolster your cyber security, Infinite Technology can help. Contact us today to find out how our SOCaaS solutions can protect your business. Get the peace of mind you need in today’s threat landscape.