The Biden administration and major consumer technology players on Tuesday launched an effort to put a nationwide cybersecurity certification and labelling program in place to help consumers choose smart devices that are less vulnerable to hacking.
Officials likened the new U.S. Cyber Trust Mark initiative — to be overseen by the Federal Communications Commission, with industry participation voluntary — to the Energy Star program, which rates appliances’ energy efficiency.
“It will allow Americans to confidently identify which internet- and Bluetooth-connected devices are cybersecure,” deputy national security adviser Anne Neuberger told reporters in a pre-announcement briefing.
Amazon, Best Buy, Google, LG Electronics USA, Logitech and Samsung as among industry participants.
Devices including baby monitors, home security cameras, fitness trackers, TVs, refrigerators and smart climate control systems that meet the U.S. government’s cybersecurity requirements will bear the “Cyber Trust” label, a shield logo, as early as next year, officials said.
FCC Chairwoman Jessica Rosenworcel said the mark will give consumers “peace of mind” and benefit manufacturers, whose products would need to adhere to criteria set by the National Institute of Standards and Technology to qualify.
The FCC was launching a rule-making process to set the standards and seek public comment. Besides carrying logos, participating devices would have QR codes that could be scanned for updated security information.
In a statement, the Consumer Technology Association said consumers could expect to see certification-ready products at the industry’s annual January show, CES 2024, once the FCC adopts final rules. A senior Biden administration official said it was expected that products that qualify for the logo would undergo an annual re-certification.
The director of technology policy at Consumer Reports, Justin Brookman, welcomed the White House proposal but cautioned in a statement that “a long road remains” to its effective adoption.
“Our hope is that this label will ignite a healthy sense of competition in the marketplace, compelling manufacturers to safeguard both the security and privacy of consumers who use connected devices and to commit to supporting those devices for the lifetime of those products.”
The Cyber Trust initiative was first announced in October following a meeting between White House and tech industry representatives.
The proliferation of so-called smart devices has coincided with growing cybercrime in which one insecure device can often give a cyberintruder a dangerous foothold on a home network.
An April report from the cybersecurity firm Bitdefender and networking equipment company NetGear, based on their monitoring of smart homes, found that the most vulnerable devices in 2022 were, far and away, smart TVs, followed by smart plugs, routers and digital video recorders.
Providers of numerous smart home devices often don’t update and patch software fast enough to thwart newly emerging malware threats. The Cyber Mark standards are expected to make clear which devices patch vulnerable software in a timely fashion and secure their communications to preserve privacy, officials said. Also important will be informing consumers which devices are equipped to detect intrusions.
MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.
The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.
The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.
The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.
Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.
While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.
This report by The Canadian Press was first published Oct. 11, 2024.
Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.
The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.
Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.
Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.
The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.
The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.
This report by The Canadian Press was first published Oct. 11, 2024.
Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.
The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”
