Companies need to conduct cyber risk assessments before a product is put on the market and throughout its lifecycle effectively manage its vulnerabilities, regularly test it, and so on. Products assessed as 'critical' will need to undergo external audits.

I have not read the proposal. Legal language makes me want to rip my own eyes off.

The only winners I see are those security auditors and similar providers.

Privative corpos from USA and China will arrive with all "security assesments" and "auditions" in place, and still have backdoors lol