The European Union (EU) has announced a set of draft rules to make it mandatory for all smart devices connected to the Internet to assess their cyber security risks. This step has been taken amid growing concerns about cyber attacks. Under the newly proposed law, known as the Cyber Resilience Act, the European Commission could also fine all companies up to 15 million euros (about Rs 120 crore), or 2.5 percent of their global business, that fail to comply. fails. rules.
The European Union has made it stricter for all smart devices connected to the Internet – including laptops, fridges, smartwatches – to assess cyber security risks. In case of any errors, companies are also forced to fix them under the new Cyber Resilience Act. European Union’s digital chief Margrethe Vestager, in a Statement issued earlier today, said, “It (the Act) will keep the responsibility where it is, with who bring the products to the market.
The act was initially announced by European Commission President Ursula von der Leyen in September 2021. The move is aimed at making digital products more secure for EU consumers. Failure to comply with the laws could result in fines of up to EUR 15 million, or 2.5 percent of total global turnover, for companies.
Vestager encouraged companies to follow these rules for assessing cyber security risks as it could save them up to $290 billion. The European UnionAnnual Rose in Cyber Incidents.
Under the new law, manufacturers will have to assess Cyber security risk on their products. In case of any defects, companies need to put in place proper procedures to rectify the problems. In addition, they are also obliged to inform The European Union Cyber security Cyber incidents agency ENISA withAs and when they come to know about it in 24 hours.
contract rulesBefore it becomes law, will need to be agreed with The European Union country and The European Union law makers
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