The European Union’s Cyber Resilience Act has taken effect, setting firm disclosure deadlines for makers of cryptocurrency software and hardware wallets. Under the rule, providers that discover an actively exploited vulnerability or a severe security flaw in their products must file an initial warning within 24 hours and submit a full notification within 72 hours. Manufacturers must then provide a final report within 14 days after a corrective fix or mitigation becomes available. Separate reporting obligations also apply to severe incidents, which must be reported within one month. The penalty framework is also substantial. Companies that fail to comply can face fines of up to €15 million or 2.5% of global annual turnover, whichever is higher. Firms that submit incorrect, incomplete, or misleading information can be fined up to €5 million, according to Cointelegraph as cited by Odaily.
The European Union’s Cyber Resilience Act is now in force, according to Cointelegraph as cited by Odaily. Under the new rules, providers of cryptocurrency software and hardware wallets must file an initial warning within 24 hours if they discover an actively exploited vulnerability or a severe security flaw in a product. A full notification must follow within 72 hours.
Manufacturers must also submit a final report within 14 days after corrective or mitigating measures become available. Severe incidents must be reported within one month.
For penalties, companies that breach the rules can be fined up to €15 million or 2.5% of global annual turnover, whichever is higher. Companies that provide incorrect, incomplete, or misleading information can face fines of up to €5 million.
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