The Executive Order only directly impacts the processes and requirements of US Federal agencies in procuring and contracting with IT providers and software developers. However, if you’re providing software or IT services to a federal agency, they will ask for you to be compliant or they’ll find another vendor. By extension, if you are providing software or services to companies serving as IT partners for federal agencies, they may require you to comply, too. Concurrently, if the US Government is mandating this, other governments will follow suit – as there are international treaties (like NATO) involved.
But even if none of this applies to you, the language within the EO implies much broader intentions. The intention exists to establish cybersecurity criteria for a consumer labeling program and a tiered software security rating system implicitly, “[to] focus on ease of use for consumers and a determination of what measures can be taken to maximize participation.”
One other very important point is that it will require service providers to share more data about cyberattacks with the Cybersecurity and Infrastructure Security Agency, FBI, and other agencies than has previously been the case. This may impact terms of service agreements and may require the renegotiation and/or adjustment of contracts regarding the data to be shared.