How Ireland can lead the charge in securing the EU digital market
The European Union (EU) aims to create a world-leading Digital Single Market, and its security is a key objective. The EU is now taking an increasingly central role with new regulations for cybersecurity.
Three years on from the HSE cyber-attack, organisations, businesses and citizens are more aware of cybersecurity threats and risks. However, the market for digital products globally is in a similar position now to where the automotive industry was up until the 1960s. Manufacturers built and sold cars first and worried about the safety of the vehicles and dangers to road users afterwards.
The regulations and what they mean for businesses
EU power corridors are prioritising cybersecurity with upcoming legislation starting with the NIS2 Directive in October this year, DORA in January 2025 and further regulations in the coming years such as the Cyber Resilience Act.
They each have their specific area of responsibility, but overall, they will require higher cybersecurity standards for hundreds of thousands of businesses that will now become regulated entities across the EU.
Moreover, it will impact their suppliers too, creating a multiplier effect and potentially impacting millions of companies — not just large enterprises but small and medium-sized enterprises (SMEs), which are the backbone of Europe’s, and Ireland’s, digital economy.
Keeping up to date with all these regulations is a challenge, particularly for SMEs. Similar to GDPR, there is a lack of awareness around the impact of these regulations on businesses, with many taking a wait-and-see approach.
Changing mindset: regulation is a business opportunity
Thinking about compliance as a ‘cost centre’ — focusing on what regulations don’t allow — inhibits businesses from uncovering potential new opportunities for business growth and operational improvement.
The European Digital Single Market could be a massive business opportunity for companies in Ireland providing solutions that meet EU cybersecurity regulations. As a nimble and adaptable country with a great legacy of tech success, Ireland can take the lead in responding to the impact of EU regulation through government and business investment.
We can make Ireland a global leader in digital resilience, exporting secure solutions worldwide. To do so, we must raise awareness of regulations and their impact on companies in Ireland.
Businesses should keep up to date on regulations and seek external support from IT and legal specialists. The Government is demonstrating
its ambition and leadership in the development of Ireland’s first Cyber Industrial Strategy, which is currently underway. With the right business environment and support, we can realise Ireland’s cyber potential.
