Gem State Wire

WASHINGTON – On May 4, 2023, U.S. Senators Jim Risch (R-Idaho) and Catherine Cortez Masto (D-Nev.) renewed their bipartisan effort to help protect small businesses from expensive data breaches and cyber-attacks by reintroducing the bipartisan SECURE Small Business Act. Specifically, this commonsense legislation would create a cooperative at the Small Business Administration (SBA) to help small businesses access information on data protection best-practices and be able to purchase cybersecurity products together at lower prices.

“Cyberattacks are on the rise across the country, and Idaho is not immune. Unfortunately, many small businesses cannot afford the expensive cybersecurity equipment needed to keep their data and customers safe,”  said Risch. “The SECURE Small Business Act would allow these businesses to team up to gain access to data protection resources and the affordable cybersecurity technology needed to protect them from cyberattacks.”

“After hearing directly from Nevada businesses about their cybersecurity concerns, I’m pushing bipartisan legislation to help them access the resources they need to continue growing their businesses and keeping their customers’ data safe,” said Cortez Masto. “I’ll keep working across the aisle to combat the rise of cyber threats like ransomware and phishing that small businesses are facing nationwide.”

Across the nation, cyber-attacks from criminals and hostile foreign governments have risen dramatically in recent years. According to a recent study, 61 percent of data breach victims are small businesses and the average breach costs a small business owner between $84,000 – $148,000. This causes 60% of small businesses who are victims to go out of business with six months. This growing threat imposes serious costs to our economic health and national security.

The bipartisan SECURE Small Business Act would help businesses have access to the cybersecurity products, services, and insurance they need to stay safe by:

• Providing small businesses with recommendations based on their industry.
• Allowing multiple small businesses to pool together to leverage lower prices from cybersecurity vendors and establish a website for small businesses and vendors to make these agreements.

This bipartisan legislation is supported by the Association for Manufacturing Technology, CompTIA, Information Technology & Innovation Foundation, Main Street Alliance, and Small Business Majority.

You can find the bill text HERE .

Original source can be found here.