Security News > 2023 > January > EU cyber resilience regulation could translate into millions in fines

In the last few weeks alone, among others, a leading German children's food manufacturer and a global Tier1 automotive supplier, headquartered in Germany, were hit, with the latter becoming the victim of a massive ransomware attack.

Such an attack even led to insolvency at the German manufacturer Prophete in January 2023.

To press manufacturers, distributors and importers into action, they face significant penalties if security vulnerabilities in devices are discovered and not properly reported and closed.

"The pressure on the industry - manufacturers, distributors and importers - is growing immensely. The EU will implement this regulation without compromise, even though there are still some work packages to be done, for example regarding local country authorities," says Jan Wendenburg, CEO, ONEKEY. Fines of 15 million Euros - or 2.5 percent of annual revenues.

The financial fines for affected manufacturers and distributors are therefore severe: up to 15 million euros or 2.5 percent of global annual revenues in the past fiscal year - the larger number counts.

Manufacturers need to act now on cyber resilience readiness.

News URL

https://www.helpnetsecurity.com/2023/01/19/eu-cyber-resilience-regulation-fines/