The European Commission has presented its proposals for a new Cyber Resilience Act aimed at improving the security of internet-connected devices.
The act would make manufacturers responsible for the security of their products throughout their lifecycle.will ensure the connected objects and software we buy comply with strong cybersecurity safeguards," says Margrethe Vestager, executive vice-president for a Europe Fit for the Digital Age.The act lays out rules for manufacturers wanting to market their products in Europe, with a list of requirements relating to their design, development and production.
The act will cover 'products with digital elements' - in other words, all products that are connected either directly or indirectly to another device or network. For so-called 'critical products' - those which present a significant cybersecurity risk - manufacturers will have to be vetted by a national authority or third party; for the remaining 90 per cent, a self-assessment will do.
Potential fines will reach up to €15 million, or 2.5 per cent of worldwide turnover, whichever is higher. The Commission highlights the fact that ransomware attacks hit an organization every 11 seconds around the globe, with the estimated global annual cost of cybercrime reaching €5.5 trillion in 2021.
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