EU wants to toughen cybersecurity rules for smart devices

BRUSSELS: The European Union’s executive arm proposed new legislation Thursday that would force manufacturers to ensure that devices connected to the internet meet cybersecurity standards, making the 27-nation bloc less vulnerable to attacks.

The EU said a ransomware attack takes place every 11 seconds, and the global annual cost of cybercrime is estimated at 5.5 trillion euros in 2021. In Europe alone, cyberattacks cost between 180 and 290 billion euros each year, according to EU officials.