Finkenauer Introduces Bipartisan Bill to Protect Small Businesses Against Cyber Attacks

WASHINGTON, DC – Today, Congresswoman Abby Finkenauer (IA-01) introduced the bipartisan and bicameral Strengthening and Enhancing Cybersecurity Usage to Reach Every (SECURE) Small Business Act. The bill would help protect and educate small business owners on cybersecurity as well as allow business owners to pool their resources to purchase cybersecurity infrastructure, products, and services.

“Small businesses are an important part of Iowa communities, but they’re often seen as easy targets by cyber criminals and don’t realize it until it’s too late,” Congresswoman Finkenauer said. “This is a real and serious problem that needs to be addressed. The tools are there to make sure business have a strong defense — it’s now about improving access to those tools. I thank Ranking Member Joyce, Senator Cortez Masto, and Senator Risch for joining me to help solve this problem.”

The legislation is endorsed by Ames Chamber of Commerce, Association for Manufacturing Technology, Cedar Rapids Metro Economic Alliance, CompTIA, Dubuque Area Chamber of Commerce, Grow Cedar Valley, Information Technology & Innovation Foundation, Iowa Credit Union League, Jackson County Economic Alliance, Main Street Alliance, Small Business Majority, and Technology Association of Iowa.

The program created by this legislation would:

• Educate small businesses about the types of cybersecurity products and services available to them, with industry-specific information.
• Establish a user-friendly website that will allow multiple small businesses to collaborate on areas of common cybersecurity need, pool together their resources, and purchase cybersecurity products and services. By purchasing products together through the marketplace, small businesses can negotiate lower prices by buying larger volumes.
• Help prepare more small businesses against cyber threats and attacks by encouraging small businesses and vendors to use the cooperative marketplace.

The SECURE Small Business Act is cosponsored by Congressman John Joyce (R-PA). Senators Catherine Cortez Masto (D-NV) and James Risch (R-ID) are the leaders of companion legislation in the Senate.

Congresswoman Finkenauer is the Chairwoman of the Small Business Subcommittee on Rural Development, Agriculture, Trade, and Entrepreneurship (RATE). Congressman Joyce is the Ranking Member of the RATE Subcommittee.

By the Numbers

According to a recent CNBC article:

• 43% of cyberattacks target small businesses.
• The average cyber breach costs a business owner $200,000
• 60% of small and medium-sized businesses close within six months after being attacked
• Only 14% of small businesses are prepared to protect themselves against cyberattacks

 
Support for the SECURE Small Business Act

Barbra Solberg, Public Policy Strategist, Cedar Rapids Metro Economic Alliance said, “The Cedar Rapids Metro Economic Alliance supports policies that safeguard businesses and consumers from risks, including cyberattacks. As our member businesses become increasingly more concerned about cybersecurity issues, we applaud Rep. Finkenauer moving this legislation forward to make it easier for small businesses to access resources.”

Nicolas Hockenberry, Director of the Jackson County Economic Alliance, said, “Cyberattacks aren’t only a threat to large businesses. With more and more business functions being done electronically, ensuring safeguards are accessible for our small businesses in rural Iowa and across the nation is integral. Congresswoman Finkenauer’s legislation helps bring knowledge and resources to our businesses to address this threat, and by allowing them to pool together helps to make these services more affordable.”

Barry Gentry, Senior Vice President of the Dubuque Area Chamber of Commerce, said, “The Dubuque Area Chamber of Commerce realizes the challenges that a business owner faces.  Whether you employ 5 or 500, it is imperative each business is aware of all interruptions of success and that includes being prepared with stable and secure cybersecurity.  Congresswoman Finkenauer and her team have been working hard on the SECURE Small Business Act and the Dubuque Chamber is happy to endorse this Act as it aligns with our mission to protect business and create an even friendlier business climate for our members.”