11 April 2018 Comments Off on Maryland Cybersecurity Protections Purchased Locally Now Eligible for Tax Credit News
“…Maryland the first state in the country to incentivize businesses to purchase cybersecurity protections locally…”
We just reached the end of the 2018 Legislative Session here in Maryland, and with it, the passage of SB288, the Cybersecurity Incentive Tax Credit bill. According to Stacey Smith, Executive Director of the Cybersecurity Association of Maryland, SB288 makes Maryland the first state in the country to incentivize businesses to purchase cybersecurity protections locally and investors to invest in Maryland cybersecurity companies.
The new Cybersecurity Incentive Tax Credit is also a departure from the current program that provides a tax credit to Maryland cybersecurity technology companies that receive investment funding. The new bill provides a tax credit to investors for their investments in qualified Maryland-based cybersecurity technology companies. It also allows convertible debt as a form of investing, which is not currently the case.
The current cybersecurity tax credit program expires June 30, 2018 and SB288 will go into effect the following day. Total funds available through the new program for the first year and subsequent years is $2 million/year.
With cyber threats on the rise, this is the exact kind of initiative that all states should be taking to ensure that companies are doing everything in their power to protect the data and information that they store, rather than treating cybersecurity as a luxury that only the largest of companies are able to employ. Cybersecurity is not optional; it is a necessity for every industry. Contact us today to learn more about our solution, SNAP-Defense; it is a network visualization product that catches lateral spread in its earliest stages; it features a multi-tenant dashboard for MSSPs, an automated compliance module, and a Networked Industrial Control Operations System module for securing the IoT. We developed it with the goal of reducing companies’ bloated product stack, saving time and money – effective threat hunt and detection is no longer only for massive companies and threat teams.