Cybeats commends new EU cybersecurity regulations

Cybeats. Software Made Certain. (CNW Group/Cybeats Technologies Corp.)

TORONTO — Cybeats Technologies Corp., a company offering cybersecurity technology, provides an update on new cybersecurity regulation by the European Union’s Cyber Resilience Act, which positions Cybeats to benefit from the enforcement of SBOM requirements.

The new Act puts forth that failing to comply with certain Software Bill of Materials reporting could lead to a €15 million administrative fine or 2.5% of an organization’s gross sales, whichever is higher. This enhanced oversight by the EU fortifies the thesis for Cybeats’ Product, SBOM Studio, and helps drive further commercial expansion through the G7. SBOM Studio provides customers with an interface to manage their software assets, and helps facilitate compliance with the growing oversight and regulatory requirements for SBOM.

“Governments and regulators are no longer standing by as Fortune 500 organizations fail to choose a proactive approach to their software supply chain and cybersecurity posture that aims to protect devices, users and national security interests. As seen with FDA mandates on SBOM, the EU and ROW are following suit with widespread SBOM oversight and severe penalties in some cases. Regulations on SBOM are here to stay,” said Justin Leger, CEO, Cybeats.

Companies that fail to comply with the CRA’s vulnerability reporting, cyber incident reporting, or essential cybersecurity requirements could face administrative fines of up to €15 million or 2.5% of their gross sales, whichever is higher.

This CRA covers all products with software as well with a direct or indirect connection to a device or network, which includes standalone software as well as Internet of Things (IoT), operational technology, or other tangible devices, such as televisions, laptops, baby monitors, etc., for both enterprises and consumers.