SB 674 - This act allows the Department of Economic Development (DED) to distribute one-time grants to employers for the purpose of enhancing cybersecurity, as defined in the act. Grants made require a 10% match from the employer. In distributing grants, DED shall distribute an equal amount of awards to the following groups of employers:

· Employers with 1-50 employees;

· Employers with 51-200 employees; and

· Employers with more than 200 employees.

DED is required to create an on-line application form as part of its website which is to be the sole means of applying for grants. Employers seeking a grant must fill out the application along with documents outlining how it plans to enhance cybersecurity, including plans for how it plans to cover the remaining 10% cost for its cybersecurity enhancement. The act limits the factors that DED may consider in assessing an employer's funding plans.

The act limits the amount that may be distributed under this act to $10 million each fiscal year.


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