Federal Contractor Cybersecurity Vulnerability Reduction Act of 2024

This bill requires federal contractors with significant contracts (over $250,000) or those managing government systems to implement standardized processes for reporting security vulnerabilities in their systems. It mandates updates to federal procurement rules (FAR and DFARS) to align with NIST cybersecurity guidelines, ensuring contractors systematically address security flaws in systems used for government contracts. The changes must follow industry best practices and existing federal standards for vulnerability disclosure. Contractors may be exempt only if a federal agency head justifies a national security waiver, requiring congressional notification.