EU cyber rules put crypto wallet makers on 24-hour reporting clock
Crypto wallet providers must submit an early vulnerability report within 24 hours and a full notification within 72 hours of exploits, or risk administrative fines of as much as $17.3 million.
EU's Cyber Resilience Act requires crypto wallet makers to promptly report vulnerabilities and security breaches. Companies must submit an early warning for actively exploited bugs or severe vulnerabilities within 24 hours, followed by a full notification within 72 hours. Penalties for non-compliance can reach up to $17.3 million or 2.5% of global annual revenue, depending on the higher amount.
The rule extends to all products with digital elements available in the EU and aims to enhance consumer and business cyber protection. Two popular hardware wallet providers recently reported data breaches, highlighting the importance of these new reporting requirements.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
