Wave Systems Corp. (fka WAVXQ)

[Genz2]

Defense Industry Waits on Costly Trump-Era Cyber Rule Update (1)

https://news.bloomberglaw.com/tech-and-telecom-law/defense-industry-awaits-update-on-costly-trump-era-cyber-rule

Excerpts:

In September 2020, the Pentagon outlined an ambitious plan to implement the certification by Oct. 1, 2025. On that day, according to the DOD’s interim rule on supply chain security, every new contract solicitation will require CMMC certification.

But with roughly 220,000 companies in the defense supply chain—roughly three-quarters of them small businesses—the goal of auditing every single supplier by then amounts to a Herculean undertaking.

The DOD will need roughly 8,000 third-party auditors working around the clock to certify enough companies to meet the 2025 deadline...

All told, the Pentagon estimates put the total cost of CMMC implementation at roughly $6.5 billion annually, or about $93 billion over the life of the program. The program could cost small businesses alone $23.3 billion over its first 10 years.


The department’s forecasts are unrealistically low, according to Evans.


“We’re seeing costs that do not align with that estimate,” he told Bloomberg Government. “We’re seeing costs much, much higher.”
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