Maryland receives nearly $1M to protect small businesses from cyberattacks

U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin and U.S. Senator Chris Van Hollen (both D-Md.) lauded the U.S. Small Business Administration (SBA) announcement that the Maryland Department of Commerce has been awarded $930,155 to implement a pilot program to protect the state’s small businesses from cyberthreats.

The SBA awarded the funds through the Cybersecurity for Small Business Pilot Program, which was created by the Infrastructure Investment and Jobs Act that Congress enacted last year. The grant will allow the Maryland Department of Commerce to provide training, counseling, remediation, and other tailored cybersecurity services to small businesses across the state.

Cyberattacks are a growing threat to small businesses. Nearly 9-in-10 small business owners surveyed by the SBA reported that their business was vulnerable to a cyberattack.

Small businesses are attractive targets because they have information that cybercriminals want, but they lack the resources to protect themselves from cyberthreats. These cybercrimes are costly. The Federal Bureau of Investigations estimates that in 2021, cybercrimes cost small businesses $2.4 billion.