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Web-Connected Devices May Have to Meet New EU Cybersecurity Rules

Providers of internet-connected technology -- from Apple iPhone software to baby monitors -- will have to meet new cybersecurity requirements in the European Union or face fines and possibly have the product taken off the market, according to a draft proposal seen by Bloomberg.

New rules from the European Commission called the Cyber Resilience Act, set to become public next week, are aimed at improving the security of devices in the face of surging online attacks across the globe. Damages from software and hardware cybercrime amounted to roughly $6 trillion last year alone.