EU cyber rules put crypto wallet makers on 24-hour reporting clock

Crypto wallet providers in the European Union will need to report actively exploited vulnerabilities within 24 hours of becoming aware of them, under new cyber resilience rules that took effect on Friday. The European Commission said manufacturers of hardware and software wallets must file an early warning within 24 hours, followed by a full notification within 72 hours. A final report is due later, depending on the severity of the incident and the availability of corrective measures. The rules are part of the EU’s Cyber Resilience Act and apply to products with digital elements sold in the EU. Companies that do not comply could face fines of up to 15 million euros, or 2.5% of global annual turnover, whichever is higher. The commission said the measures are intended to strengthen consumer and business protection against cyber threats.