Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, announced six new recipients and $6 million in total funding for the SBA’s Cybersecurity for Small Business Pilot Program. All six grantees are state entities that will assist small businesses in advancing cybersecurity infrastructure and mitigating cyber threats.
SBA’s Cybersecurity for Small Business Pilot Program new grantees are:
- Colorado Office of Economic Development & International Trade
- Indiana Economic Development Corporation
- Ohio State University
- Old Dominion University
- State of Hawaii Cybersecurity Assistance for Small Businesses
- University of Wyoming
Cyberattacks are a growing threat to small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cybercrimes against the small business community reached $2.4 billion in 2021. Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses.
According to an SBA survey, 88% of small business owners felt their business was vulnerable to a cyberattack. Yet many businesses can’t afford professional IT solutions, have limited time to devote to Cybersecurity, or don’t know where to begin.
The federal budget for the SBA’s Cybersecurity for Small Business Pilot Program for 2023-2024 is $6 million, and the SBA awarded six grants of $1 million each. The period of performance for this award is one-year (12 months), beginning August 31, 2023.