Session on Addressing Weaknesses in Cybersecurity to Protect Businesses and Consumers

Session on Addressing Weaknesses in Cybersecurity to Protect Businesses and Consumers

Press Release

Earlier this week, the Malta Business Bureau (MBB) held an informative webinar discussing the details of the EU Cyber Resilience Act (CRA) and the new requirements for businesses. The European Commission’s CRA proposal marks the first comprehensive step in finding collective solutions towards enhanced cybersecurity at EU-level.

MBB President Alison Mizzi introduced the session and outlined how ”over the years, high-profile cyberattacks have created billions of euros in damages, many times to companies, and remain an existing threat. To this end, the European Commission’s proposal for a Cyber Resilience Act is a welcome first step in finding collective solutions towards enhanced cybersecurity.” She continued to explain that ”this legislation will go beyond the security of just services to also take into consideration goods in protecting both consumers and businesses from products that have inadequate security features.”

Dr Sarah Cannataci, Associate at Fenech and Fenech Advocates gave a detailed presentation on the CRA from a legal perspective. Dr. Cannataci explained that ”given the cross-border nature of cybersecurity, a joint action at EU level is required in tackling an emerging fragmented framework of potentially diverging national rules which risk hampering an open and competitive single market for products with digital elements.” She also explained how the CRA has four specific objectives: (1) to have manufacturers ensure the security of a product throughout its whole lifecycle, (2) to have a coherent cybersecurity framework in facilitating compliance, (3) to enhance the transparency of security properties for products with digital elements and (4) ensure that businesses and consumers are able to use products with digital elements securely.

In her intervention, Dr. Marthese Portelli, CEO at The Malta Chamber accentuated the vital role of technology within all companies. She said that “Digitalisation and infrastructure are a main policy pillar for The Malta Chamber. Cyber security and cyber resilience are important aspects that businesses should be looking into, both to ensure compliance with the law but also to minimize their risk.” She went on to explain that The Malta Chamber is taking a 2-pronged approach to support their members – firstly by raising awareness with manufactures, importers and distributors on their responsibilities and implications when selling products of digital elements; secondly by raising more awareness amongst the business users on the importance of market preparedness including being aware of technological developments and the importance of cybersecurity.

The webinar was attended by operators from the manufacturing and retail sectors dealing with Internet of Things (IoT) and digital products that are both wired and wireless as well as non-embedded software. Other interventions were made by officials from the Ministry for the Economy, European Funds and Lands, and Eurochambres, the Association of European Chambers of Commerce. The session Is available to be viewed from the MBB’s website and Youtube channel.

For further information on the Cyber Resilience Act, please contact the Malta Business Bureau on infobrussels@mbb.org.mt

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