The U.S. Federal Energy Regulatory Commission (“FERC”) recently issued Order No. 907 (the “Order”), approving a new Critical Infrastructure Protection (“CIP”) Reliability Standard, CIP-015-1.  The new standard will require covered entities that maintain certain bulk electric systems (“BES”) to implement Internal Network Security Monitoring (“INSM”) for network traffic within their “electronic security perimeter,” i.e., the logical border surrounding the network of interconnected devices that comprise a BES Cyber System.  However, as discussed below, these requirements will not go into effect for approximately three years, and many covered entities will have an additional two years before they are required to comply.