The NIST Cybersecurity Framework, Assessment, and Auditing Act of 2017 aims to enhance U.S. cybersecurity by amending the National Institute of Standards and Technology Act to implement a robust framework for federal and private entities. The act establishes guidance for federal agencies on cybersecurity risk management, mandates cybersecurity assessments and audits, and promotes collaboration between federal and private sectors. It emphasizes continuous improvement through annual reports on adoption rates and effectiveness of the cybersecurity framework.