Cyber incident reporting is essential because it allows for immediate action to mitigate potential damage and prevent future attacks. Timely reporting improves incident response capabilities and helps implement necessary security measures to safeguard sensitive data and protect your company's reputation.
Further, the Defense Federal Acquisition Regulations Supplement DFARS 252.204-7012 (Safeguarding Covered Defense Information and Cyber Incident Reporting (MAY 2024)) mandates specific reporting timelines and procedures for cyber incidents. It is critical that suppliers are aware and compliant with applicable regulations.