New draft EU rules on cyber security

Internet-connected smart devices, such as refrigerators and televisions, will have to comply with strict EU cyber security rules. Otherwise, they will risk being fined or banned from the market, according to the European Commission. Image

Products in accordance with EU rules

Concerns about cyber attacks have increased in recent years following high-profile incidents. Hackers have damaged many businesses and demanded huge sums for ransom and return of documents.

The EU executive will publish its proposal, known as the Cyber ​​Resilience Act, on September 13. The law will probably be adopted after the opinions of the EU countries.

The rules could reduce the costs of cyber incidents to companies for as much as 290 billion euros per year compared to compliance costs of around 29 billion euros.

Manufacturers will have to to assess the cyber security risks of their products. They will then have to take appropriate procedures to resolve the issue, the document states.

Companies will have to notify the EU cybersecurity agency ENISA of incidents within 24 hours of becoming aware of the problem. Then they will have to take action to solve the problem.

Importers and distributors will have to check whether the products comply with EU rules.

If companies do not comply, national supervisory authorities can “ban or restrict a certain product and its availability only on the national market. Then they could pull it from all markets,” the report states.

Companies that break the rules can be fined around 15 million euros or up to 2.5 percent of their total global turnover. Penalties will depend on which figure is higher. Lower penalties are possible for minor offenses.

Source: Reuters

Source: PC Press by

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