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New EU regulations aim to minimise the risk of smart electronic devices being exploited by hackers for cyber attacks.

On November 30, EU countries officially reached an agreement on new rules to protect electronic devices (laptops, refrigerators, mobile apps and other Internet-connected devices) from cybersecurity threats.

The decision comes amid a growing number of attacks and ransom demands around the world in recent years.

These rules proposed by the European Commission in 2022, called the Cyber ​​Resilience Act, will apply to all electronic products that can be directly or indirectly connected to other devices or the Internet.

New EU regulations impose strict cybersecurity requirements on the design, development, manufacture and sale of electronic devices, including hardware and software.

Manufacturers are required to assess the cybersecurity risks of their products, provide a commitment to compliance with the standard, and provide a warranty for product security defects for the expected lifetime or for a minimum of five years.

Manufacturers must also provide greater transparency about hardware and software security to individual consumers and businesses, and report cyber incidents to local authorities.

Importers and distributors will be required to closely check the level of compliance with EU regulations for the products they trade.

“Network-connected devices must have a basic level of security when sold in the EU, ensuring businesses and consumers are fully protected against cyber threats,” stressed Jose Luis Escriva, Spain’s Minister of Digital Transformation.

The European Commission estimates that new cybersecurity regulations could save companies up to €290 billion annually in cyberattack mitigation, with an initial cost of just €29 billion.

(according to Securitylab)

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