In October 2023, an important stride was taken by the federal government with the release of a Proposed Rule, focused on integrating new cybersecurity reporting requirements in the Federal Acquisition Regulation (FAR). This emerged as the second part in a series in PilieroMazza’s blog termed “Protecting Our Nation’s Data.” If you’re keen to delve deeper, you can consult the original article on JD Supra.
The principal objective of the Proposed Rule circles around the implementation of Executive Order 14028 (EO 14028) as well as enhancing the flow of information between contractors and the government, specifically related to cyber threats and incident reporting. This move signifies a commendable initiative aimed at securing our nation’s data and signifies the increased awareness and necessity for improved cybersecurity measures.
The implications of this new Proposed Rule are multi-fold. For one, it highlights the growing communal effort between the public and private sector to tackle the colossal challenge of national cyber threats. More importantly, it sets a new standard for transparency and proactivity in the face of an ever-increasing issue for both corporations and governmental entities alike.
While there is a great deal of further details to unpack in relation to this Proposed Rule, and the subsequent evolution of our national cybersecurity landscape, this development can serve as a crucial step in categorizing and responding to cyber threats that may pose a potential risk to the United States’ national security interests. It’s certainly a topic to keep an eye on, as it has soaring implications for both corporate lawyers and corporate entities at large.