Create Cybersecurity Fund
The bill proposes an initial appropriation of $35 million from the general fund, designated for use in fiscal year 2025 and ongoing expenditures. This financial injection is intended to facilitate response and recovery operations related to cyber attacks, creating a dedicated resource for the executive, legislative, and judicial branches of the state, as well as local political subdivisions and tribal entities. By earmarking funds specifically for cybersecurity, the state acknowledges the critical nature of safeguarding its digital infrastructure and the potential financial implications of cybersecurity breaches.
House Bill 72 aims to establish a Cybersecurity Fund within the state treasury of New Mexico, created to bolster the state's responses to cybersecurity threats and incidents. The fund will be managed by the cybersecurity office, which will oversee its implementation and disbursement of funds for various cybersecurity measures aimed at protecting state-managed information technology systems and databases. The establishment of this fund underscores the increasing need for robust cybersecurity frameworks in government operations amidst the rising prevalence of cyber threats.
While the overall intent of HB72 is to enhance cybersecurity preparedness, there may be debates surrounding oversight and administration of the fund. The cybersecurity office is tasked with developing rules governing the application and review processes for disbursement, raising questions about transparency and accountability in how the funds are utilized. Stakeholders may voice differing opinions on the efficiency and effectiveness of the proposed regulatory framework that guides the disbursements, stressing the balance between agility in response and the necessity for governance to prevent misuse of funds.