We can all agree that regulation can be both an asset and a downfall to an industry, depending on the specific situation at hand.
Without it, shady businesses can run rampant - harming customers and undercutting above-the-board competitors. With it, hurdles increase and organisations are forced to follow very clear paths which have already been laid out for them.
In the case of the UK’s cyber market, regulation has been both a blessing and a curse.
Not only has it been the primary driver for the surge in demand for security services across the country, but it’s also slowed the development of digital solutions to cybercrime. There are so many barriers to overcome, rules to follow, and boxes that have to be ticked.
The UK’s New Cyber Laws (2023)
As of late last year, some additional regulations were proposed that will soon come into play.
Rather than governments only finding businesses that have experienced a data breach, IT providers could have to pay, too.
Hunton Publications reports that “the changes will bring IT and Managed Service Providers into the scope of NIS Regulations.”
At its core, these updates stand to transform who is currently held accountable for mishaps in cybersecurity and could shift the blame significantly.
This is going to have some interesting results.
“The services we rely on for healthcare, water, energy and computing must not be brought to a standstill by criminals and hostile states.
We are strengthening the UK’s cyber laws against digital threats. This will better protect our essential and digital services and the outsourced IT providers which keep them running.”
- Julia Lopez
The Impact of the New Cyber Laws on Businesses
At the moment, businesses are very much concerned about cyber attacks. In part, this is due to the pressure placed upon them by the government to uphold specific standards.
This has forced these organisations to play their cards close to their chest, and not trust anyone else with the management of their IT - which has proven to be restrictive for SMEs.
In the coming months, though, this update will give businesses more confidence to outsource digital services and benefit from the experience and expertise offered by specialist firms.
The Impact of the New Cyber Laws on the Industry
While demand for cyber services has been rapidly increasing over the last few years, this recent law change should give demand another push.
Not only should the market anticipate a sudden rush of customers, but businesses in the sector have to prepare to adapt their current model.
With governments now holding IT organisations accountable for the quality of the service they provide (and fining them when breaches occur), there’s a lot more pressure for their solutions to be absolutely perfect.
“High-profile attacks such as Operation CloudHopper, which targeted managed service providers and compromised thousands of organisations at the same time, show the UK’s cyber laws need to be strengthened to continue to protect vital services and the supply chains they rely on.” - Gov UK
The Impact of the New Cyber Laws on Workers
Finally, and perhaps most importantly, are the effects the updates will have on employees.
Although a lot of the predictions are currently just speculation - it could be crucially important to you to start to prepare for what’s to come.
1. A Shift in Employment
First up, there’s an obvious assumption to be made.
One that describes that, because of the new rules, businesses could dismantle their in-house teams and prefer to outsource instead.
After all, if it’s possible for these firms to access cybersecurity for cheaper than the cost of a full-time employee (or multiple), there’s nothing holding them back.
This might seem like a scary prospect initially, but it could have hidden benefits.
2. A Spike in Job Satisfaction
While (of course) layoffs can be unnerving, there’s a light at the end of the tunnel.
The new laws will give individuals the push they need to seek a job that values them, using the opportunity to search for better jobs elsewhere.
Rather than being stuck in an organisation that:
Doesn’t recognise the importance of your role.
Sees you as a burden.
Never assigns you the right resources for the job.
You’ll be given the chance to work with like-minded individuals in a dedicated cyber firm, where your skills will be recognised and celebrated.
3. An Increase in Career Opportunities
Once you find yourself in this type of passionate environment, you’ll be able to benefit from a number of benefits, including access to training materials and support.
This could allow you to accelerate up the career ladder and scale your income considerably. Doesn’t that sound ideal?
Instead of working as a general IT Manager who has to juggle multiple people’s jobs for only one pay package… you’ll be able to specialise and earn numerous promotions in your new position.
4. A Boom in Demand
Alternatively, if you have the qualifications and experience to back you up, then these new cyber laws could set the foundation for a rewarding career in freelancing (which typically pays more).
Well, small businesses, in particular, might not have the resources to have someone in-house or outsource their IT completely. But, they won’t want to do the wrong thing and have to pay large and devastating fines.
This means there’ll be a whole new level of demand for consultation services from experts like you, who can take some of the responsibility of perfecting their cybersecurity.
5. A Boom in Responsibility
Finally, with the updates, there’s still going to be a whole new layer of expectations from workers in the industry.
Wherever you work now, you’ll start to feel the pressure of tightening regulations and will have to study up on the existing rules to keep your business on track.
After all, you could soon find yourself in the limelight for ensuring either your clients or your boss are protected from data breaches and attacks.
This will be an unavoidable challenge that could push you to new limits. Are you prepared for what’s to come?
Working with FR Cyber
For help expanding your horizons and driving change in your industry through intelligent recruitment, contact us.
FR Cyber are a dedicated team of specialist Recruiters and genuine Cyber Industry experts. We cover all areas of InfoSec recruitment, such as SOC, Penetration Testing, Security Architecture, DevSecOps, Cyber Sales and more, offering both Contract and Permanent solutions.
If you're a client, you can expect exceptional delivery and communication as a matter of course.
If you're a candidate, we'll treat you the way we'd like to be treated when making an important life decision like moving jobs.
Millie McNish is a Cyber Security Technology Recruitment Consultant at Forward Role, connect with her here.