Approximately 40% of households around the globe possess a smart device, which could be susceptible to cyberattacks. In the near future, these newly acquired smart gadgets will have a cybersecurity label to help buyers assess which product to buy.
In August 2023, the Federal Communications Commission (FCC) is seeking public comment on a proposal to create the first-ever voluntary cybersecurity labeling program that would provide consumers with clear information about the security of connected smart devices. The US Cyber Trust Mark mirrors the well-established Energy Star labeling scheme for appliances adhering to energy efficiency standards. The new labeling system would elevate the standard for cybersecurity within households.
Consumers might begin to encounter these fresh cybersecurity labels on the shelves of US stores by 2024. Other nations, including Singapore, Finland and Australia, are also implementing similar programs to certify the safety of intelligent devices.
Results from an online experiment revealed that individuals are willing to pay up to 50% more for items marked with reassuring details about their capability to repel attackers and protect user data, as opposed to items lacking such labels.