EU cyber resilience law
To avoid penalties, internet-connected technology suppliers in the EU must adhere to new cybersecurity regulations.
The Cyber Resilience Act, a new law from the European Commission, intends to strengthen device security in the face of an increase in global cyber threats.
The damage from cybercrime last year amounted to about $6 trillion.
According to the project, “home appliances and other consumer devices are increasingly outfitted with sensors and internet connections and may have a low level of cybersecurity, manifested in widespread vulnerabilities and insufficient and inconsistent submission of security updates to address them.”
Products must adhere to different cyber criteria to be branded with approval and marketed locally under the proposed EU laws.
Although the Commission estimates that these recommendations will result in annual savings of between 180 and 290 billion euros, it will cost businesses and government organizations roughly 29 billion euros to comply with and enforce new cyber regulations.