Creates a one-time grant for employers to enhance cybersecurity
Impact
This legislation aims to bolster the cybersecurity infrastructure within Missouri's business sector, particularly supporting small employers with up to 50 employees. A significant provision reserved 50% of the grant funding specifically for these smaller businesses, highlighting a state commitment to supporting economic resilience at all levels. The total funding allocated for this program is capped at $10 million per fiscal year, establishing a structured approach to how financial resources will be distributed among eligible businesses.
Summary
Senate Bill 380 introduces a framework for providing one-time grants to employers in Missouri for enhancing cybersecurity measures. The bill is designed to allocate financial support to a diverse range of employers, encouraging them to invest in cybersecurity improvements necessary to protect their businesses from cyber threats. The Department of Economic Development is tasked with administering these grants, which are limited to a maximum of $15,000 per employer and cannot exceed 90% of the total costs involved in the cybersecurity enhancement efforts.
Sentiment
Overall, the sentiment around SB 380 appears to be largely supportive, particularly among lawmakers who recognize the increasing need for robust cybersecurity measures to safeguard economic interests in the digital age. Advocates argue that this measure not only protects businesses but also enhances the overall economic environment of Missouri by ensuring that local companies can fend off cyber threats effectively. However, some concerns may arise regarding the adequacy of funding and the administrative aspects of the application process, which could affect the flow of assistance to those in need.
Contention
While SB 380 is positioned as a supportive measure for enhancing cybersecurity, notable points of contention could revolve around potential bureaucratic hurdles related to the application and grant approval process. Additionally, stakeholders may debate the effectiveness of the funding limits and whether they truly meet the needs of the varied business sizes and sectors within the state. Critics may raise questions about whether the distribution of funds will be equitable and accessible to all eligible employers, particularly those on the lower end of the employee scale.