New EU Cyber Security Legislation Targets Cyber Crime

European Union lawmakers are seeking to strengthen cybersecurity requirements across the European Union, advancing new legislation to bolster security requirements for all digital hardware and software products. 

The proposed law, titled the Cyber Resilience Act, would cover everything from computers and mobile phones to smart kitchen appliances and digital children’s toys. 

The proposed legislation, which was unveiled by the European Commission earlier in September, mandates that products are designed, developed and produced in ways that mitigate cybers ecurity risks. 

"When it comes to cybersecurity, Europe is only as strong as its weakest link: be it a vulnerable Member State or an unsafe product along the supply chain,” said Thierry Breton, the EU’s commissioner for the internal market. This includes requirements to sell products in a secure default configuration, to maintain a thorough product identification system and to ensure that exploitable vulnerabilities can be addressed through security updates, among other cybercrime disclosure rules. 

The number of personal devices that are connected to the internet has grown significantly. Yet many of these so-called Internet of Things (IoT) products are highly vulnerable to hackers and cybercrime.

In fact, ransomware attacks occur worldwide every 11 seconds and cost the global economy an estimated €20 billion last year, according to the EU. Meanwhile, DDoS attacks, malicious efforts to disrupt or cut off access to Internet services or websites, costs the EU econmy roughly €65 billion in 2020. In Belgium, for example, nearly 1,000 businesses were hit by cybercrimes in 202, a 300% increase compared to the year prior, according to an analysis by Mastercard. The majority of cyber attacks entailed malware and ransomware strikes. 

“We deserve to feel safe with the products we buy in the single market... The Cyber Resilience Act will ensure the connected objects and software we buy comply with strong cybersecurity safeguards.”  said Margrethe Vestager, Executive Vice President of the European Commission for the Digital Age.

WEF:      WEF:     Mastercard

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