EU proposes rules for cybersecurity risks on Smart Devices
By MYBRANDBOOK
The European Union (EU) has announced a set of draft rules to make it mandatory for all smart devices connected to the internet to evaluate their cybersecurity risks. In case of any faults, the companies need to take appropriate procedures to fix problems under the new Cyber Resilience Act.
The EU has made it strict for all smart devices connected to the internet — including laptops, refrigerators, smartwatches — to assess the cybersecurity risks. The companies who fail to comply with the laws can be charged a fine of up to EUR 15 million or up to 2.5 percent of their total global turnover.
Under the new law, manufacturers will have to assess the cybersecurity risks on their products. Moreover, they are also bound to inform EU cybersecurity agency ENISA of cyber incidents within 24 hours as and when they get aware about it.
EU Digital Chief Margrethe Vestager, said, “It (the Act) will put the responsibility where it belongs, with those that place the products on the market. Just as we can trust a toy or a fridge with a CE marking, the Cyber Resilience Act will ensure the connected objects and software we buy comply with strong cybersecurity safeguards.”
Vestager also encouraged companies to comply with these rules of assessing cybersecurity risks as it could save them as much as 290 billion euros annually in cyber incidents. The draft rules, before becoming a law, will need to be agreed with EU countries and EU lawmakers. The act was initially announced by European Commission President Ursula von der Leyen last year.
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