BRUSSELS—From laptops to fridges to mobile apps, smart devices connected to the internet will have to be assessed for their cybersecurity risks under draft European Union rules announced on Thursday, amid concerns about a spate of cyber attacks.
Companies face fines of as much as 15 million euros ($15 million) or up to 2.5. percent of their total global turnover if they fail to comply with the European Commission’s proposed law known as the Cyber Resilience Act, which will require manufacturers to fix any problems that are identified.
Companies could save as much as 290 billion euros annually in cyber incidents versus compliance costs of about 29 billion euros, the EU executive said….