New Government Cybersecurity Standards Could Impact Many Companies

The National Institute of Standards and Technology (NIST) is not a household name, particularly outside the I-495 Beltway surrounding Washington, D.C., but companies across the country may soon be impacted by NIST's growing role in cybersecurity. President Obama has charged NIST, an agency in the Department of Commerce, with developing a new Cybersecurity Framework for private sector owners and operators of critical infrastructure and new Senate legislation would cement NIST's cybersecurity role. On August 6, 2013, the White House released a list of potential incentives the government may offer to encourage companies to adopt NIST's Cybersecurity Framework, including liability protections, cybersecurity insurance, and cybersecurity conditions in government grants. This Advisory provides an overview of recent cybersecurity-related legislative and regulatory developments and opportunities for interested companies to participate in the policy process.