The U.S. Department of Commerce has introduced new regulations to strengthen the security of the Information and Communications Technology and Services (ICTS) supply chain in accordance with Executive Order 13873. Effective March 22, 2021, these rules will allow the Secretary of Commerce to review, block, or impose conditions on transactions between U.S. and foreign entities that may pose security risks due to involvement with foreign adversaries. The regulations outline a process for reviewing transactions and require entities to retain records related to a transaction if it is under review. Additionally, certain countries such as China, Iran, and Russia are identified as foreign adversaries, and the rule aims to protect U.S. national security by mitigating risks associated with these and other foreign entities.
Simple Explanation
The U.S. government made new rules to keep tech stuff safe from certain countries that might be a risk, but this could make it really hard and expensive for small businesses to follow the rules.