The creation of this fund signifies a proactive approach to strengthening cybersecurity across New Mexico's public sectors. With a significant appropriation of $35 million from the general fund designated for fiscal year 2024 and beyond, the bill aims to bolster the state’s resilience against potential cyber threats. By formalizing this fund, state agencies will have financial resources to react more effectively to cyber incidents, thus safeguarding critical information and improving inter-agency coordination in countering cyber threats.
Summary
House Bill 388 establishes a Cybersecurity Fund aimed at enhancing the state's capabilities in addressing and recovering from cyberattacks. This fund is intended to support the information technology systems and databases that are operated or owned by state government entities, political subdivisions, public schools, and tribal entities. The fund will be administered by the Department of Information Technology and will consist of various sources of funding including appropriations and donations. The established fund is a non-reverting one, ensuring that any unused balances do not return to the general fund of the state.
Contention
While support for HB388 highlights the importance of cybersecurity funding, there may be contention regarding the management and allocation of these resources. Questions may arise regarding the efficacy of the Cybersecurity Fund, operational oversight, and the prioritization of cybersecurity in relation to other pressing state funding needs. Critics may also voice concerns over ensuring transparency and accountability in how the appropriated funds are spent, as well as whether this initiative adequately addresses the rapidly evolving landscape of cyber threats.