Senator Introduces Bill to Provide Tax Credit for Cost of Joining Cybersecurity Information-Sharing Groups

Senator Kirsten Gillibrand (D-NY) introduced a bill, titled “The Cyber Information Sharing Tax Credit Act,” which is intended to address cyber security vulnerabilities and incentivize businesses of all sizes to join sector-specific information-sharing organizations that provide refundable tax credits for all costs associated with joining. 

According to Senator Gillibrand, “Businesses should take the same precautions to defend their data as they do with their buildings and inventory. Just as they purchase insurance and security systems, they should enter into agreements with information sharing organizations to help defend against cyber threats.” 

SIFMA President Bentsen issued a statement regarding the bill, calling on Congress to prioritize the bill and cybersecurity generally. He stated that the “legislation would significantly strengthen cyber defenses as it would encourage the industry to share vital threat intelligence with the government without fear of liability and codify important privacy protections for individuals.” 

See: Cyber Information Sharing Tax Credit Act; Senator Gillibrand Press Release; SIFMA Statement

 

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