Last week, the President signed the Internet of Things (IoT) Cybersecurity Improvement Act into law, kicking off a multi-year process that will culminate in the first-ever federal requirements for IoT devices. Under the law, the National Institute of Standards & Technology (NIST) is now charged with drafting and finalizing security requirements for IoT devices, as well as guidelines for managing disclosures about those devices’ security vulnerabilities. In two short years, the federal government will then be prohibited from procuring IoT devices unless (1) the devices meet the pending NIST requirements; or (2) the devices are granted a formal waiver by an agency Chief Information Officer. In addition to creating yet another cybersecurity regime for the government contracting community, the law will create a new benchmark for consumer-facing companies to consider when assessing and complying with the growing number of states imposing their own “reasonable security” requirements for IoT devices.