EU Wants to Toughen Cybersecurity Rules for Smart Devices
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. The European Commission said an increase of cyberattacks was witnessed during the…
US lawmakers introduce bill to delay enhanced government hacking powers
U.S. lawmakers have introduced legislation to delay the coming into force on Dec. 1 of a rule change that aims to expand the government’s ability to search computers and other digital devices across many jurisdictions with a single warrant. The new Review the Rule Act aims to delay for discussion proposed amendments to rule 41…
China’s vague cybersecurity law has foreign businesses guessing
The most disturbing thing for foreign businesses facing China’s new cybersecurity law may just be how vague and broad it is. Under the new law, adopted on Monday and taking effect next June, it’s possible that any major company working in the country might be subject to “security reviews” from the Chinese government.
US Bank Regulators Draft Rules For Financial Services Cybersecurity
US bank regulators are all set to issue new standards for banks to protect themselves from cyberattacks, reports Reuters. The proposal, expected to be finalized soon and binding on financial institutions with more than $50 billion assets, comes in the wake of US banks suffering serious losses from online thefts. When the rules come into…