On December 5, 2017, the National Institute of Standards and Technology (“NIST”) published a proposed update to its Framework for Improving Critical Infrastructure Cybersecurity (the “Framework”). NIST is a non-regulatory federal agency within the Department of Commerce, with a mission to promote innovation and industrial competitiveness in the United States by advancing measurement science, standards and technology in beneficial ways. The Framework was initially developed as a result of the issuance of Executive Order 13636 in 2013 (“Executive Order”), which specifically addressed the cybersecurity of critical infrastructure (defined below) and directed NIST to work with stakeholders to develop a voluntary framework for reducing cyber risks to such critical infrastructure. Therefore, the Framework provides nonbinding guidance, and compliance is not mandatory. In practice, the Framework is used as the basis for best practices by many companies in the United States that have cybersecurity policies and procedures. The Framework has generally been praised as a successful example of cooperation between the public and private sector and is cited by many as a more effective approach than prescriptive regulatory requirements. Continue Reading NIST Proposes Fine-Tuning of its Framework for Improving Critical Infrastructure Cybersecurity
Pamela L. Marcogliese’s practice focuses on corporate and financial transactions, particularly capital markets matters and corporate governance matters.