Key Points
Ericsson (ERICb.ST) and Schneider Electric (SCHN.PA), along with industry group DigitalEurope warned on Monday that onerous proposed EU rules targeting cybersecurity risks of smart devices could disrupt supply chains on a scale similar to during the pandemic...
Proposed by the European Commission last year, the Cyber Resilience Act requires manufacturers to assess the cybersecurity risks of their products and take measures to fix problems for a period of five years or through the expected lifetime of the products...
"The law as it stands risks creating bottlenecks that will disrupt the single market," the chief executives of the companies wrote in a joint letter to European Union industry chief Thierry Breton and EU digital chief Vera Jourova...
"We risk creating a COVID-style blockage in European supply chains, disrupting the single market and harming our competitiveness," the companies said.. Other signatories to the letter include the CEOs of Nokia, Robert Bosch GmbH and Slovakian software company ESET...
The companies said the list of higher-risk products subject to the rule should be significantly scaled back and that manufacturers should be allowed to fix known vulnerability risks rather than first conducting assessments...
