What tough new cyber regulations mean for big business [Video]

Companies could face hefty fines or even suspensions of service in the European Union under strict new cybersecurity regulations set to come into force next month.

The EU’s NIS 2 cybersecurity directive will on Oct. 17 become enforceable by member states. That means firms will have to ensure their operations are up to scratch with obligations set out by the new law.

The rules impose tougher requirements on companies around their internal cyber resilience strategy and internal practices.

CNBC runs through all you need to know about NIS 2 — from what the law requires to the potential penalties businesses could face for violations.

NIS 2, which stands for Network and Information Security Directive 2, is an EU directive that aims to increase the security of IT systems and networks across the bloc. Introduced in 2020, the law serves as an update to an earlier directive simply called NIS.

NIS …