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1 S. 734, Internet of Things Cybersecurity Improvement Act of 2019, as Ordered Reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019 1 (September 13, 2019)

handle is hein.congrec/cbocyimp0001 and id is 1 raw text is: j Congressional Budget Office - -Cost Estimate September 13, 2019 By Fiscal Year, Milions of Dollars 2019 2019=2O24 2019-2029 Direct Spending (Outlays) 0 0 0 Revenues Deficit Effect 0 0 0 0 0 0 Under S. 734, the National Institute of Standards and Technology (NIST) would develop guidelines on the appropriate and secure use of Internet of things (IoT) devices by federal agencies and develop minimum information security requirements for agencies to manage security vulnerabilities for those devices.1 In addition, the Office of Management and Budget (OMB) would promulgate standards for federal IoT devices that are consistent with NIST's standards and guidelines. OMB would review and revise those standards at least once every five years and develop waivers to exclude certain IoT devices. OMB would report to the Congress annually from 2020 through 2025 on the effectiveness of the standards and on the types and number of excluded devices. Under S. 734, NIST also would publish standards for federal agencies, contractors, and vendors to systematically report and resolve security vulnerabilities for IoT devices. Each agency's chief information officer would be required to ensure compliance. OMB would establish federal standards for that coordinated reporting process that are consistent with NIST's standards and guidelines. Using information from NIST, CBO estimates that implementing the bill would cost $35 million over the 2019-2024 period, assuming appropriation of the necessary amounts. 1. The IoT consists of devices connected one another and to a network for exchanging data without human interaction. See Suzy E. Park, Internet of Things (loT): An Introduction, In Focus Report 11239 (Congressional Research Service, June 4, 2019), https://go.usagov/xVcdR. See also CBO's Cost Estimates Explained, www cbo.gov/publicationi54437; How CBO Prepares Cost Estimates, www.cbo.gov/publicationi53519; and Glossary, www.cbo~govipublication/42904.

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