If you make or sell digital products in the EU, you must now report all exploited vulnerabilities and โ€œsevereโ€ incidents that impact their security within 24 hours of becoming aware of them. These rules apply to every sector that produces products with a digital element โ€“ from baby monitors to smart watches and apps.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...