A proposed European Union bill will fine makers of “internet of things” (IOT) products if they don’t meet stringent rules aimed at cutting down on cyberattacks, the Financial Times (FT) wrote Wednesday (Sept. 7).
Companies will have to get certificates showing they’re meeting the basic requirements to minimize the risk of attacks.
Those that don’t comply will be fined up to €15 million, or 2.5% of the previous year’s global turnover, whichever is higher. The rules will also allow the European Commission to recall and ban products that aren’t complying.