The Cyber Resilience Act (CRA) is a new EU regulation that focuses on improving the cybersecurity of products with digital elements sold within the EU. The regulation sets clear expectations for hardware and software manufacturers, developers, and distributors, outlining how they should manage and address vulnerabilities at every stage of the product lifecycle. To meet the CRA's essential requirements, organizations must prioritize three foundational pillars: software bill of material (SBOM) generation, vulnerability management, and rapid reporting. The regulation emphasizes the importance of proactive risk management via its requirements for continuous monitoring and timely updates to address emerging threats. Organizations can address software supply chain risks by focusing on these essential security practices while promoting trust with partners, end-users, and regulators.