EU's Proposed Legislation For Regulating Smart Internet Of Things (IoT) Devices

EU's proposed legislation for regulating smart Internet of Things (IoT) devices

On 15^th September 2022, the European Union Commission presented a proposal for a regulation on horizontal cybersecurity requirements for products with digital elements, also titled as Cyber Resilience Act ("CRA"). The purpose of CRA has been provided by the EU Commission in the explanatory memorandum of the proposal. Hardware and Software are increasingly exposed to cyberattacks which led to an estimated global cost of cybercrime of EUR 5.5 trillion by 2021. There seem to be two major problems faced by these products that are recognized by EU Commission. Firstly, the products with digital elements have a low level of cybersecurity which is reflected by large number of vulnerabilities and insufficient provisions of security updates to address them. Secondly, users have insufficient understanding and access to information which makes it difficult for them to choose a product that has