The European Commission has proposed a new law that would require manufacturers to ensure that Internet-connected devices meet cybersecurity standards, making the bloc of 27 countries less vulnerable to attack, Reuters reports.
The EU said ransomware attacks occur every 11 seconds and global annual cybercrime losses are estimated at 5.5 trillion euros in 2021. In Europe alone, cyber attacks cost between 180 and 290 billion euros a year, according to EU officials.
The European Commission said there had been an increase in cyber attacks during the coronavirus pandemic and that the war in Ukraine had raised fears that European energy infrastructure could also be targeted in a global energy crisis.
The Cyber Resilience Act aims to remove from the EU market all products with digital elements that are not properly protected.
The EC said the law would not only reduce attacks, but would benefit consumers by improving data protection and privacy.
If adopted, the regulations would require manufacturers to consider cybersecurity in the design and development of their devices. Companies would be responsible for the security of products throughout their expected lifetime, but not less than five years.
Market regulators would have the power to seize or recall noncompliant devices and fine companies that fail to comply with the regulations.