'Unknown command' Error when running 'lacework iac policy create'

When attempting to create a custom IaC policy with the lacework iac policy create command, the CLI returns the following error:

ERROR: unknown command "iac" for lacework.

This can be because either:

1. The CLI’s iac component has not yet been installed, and/or:
2. A problem exists with the Lacework CLI’s JSON key file

Configure the CLI for IaC by running lacework component install iac

If the above returns ERROR component iac not found, an issue may exist with the JSON credentials file