This week (Aug. 23, 2022) the U.S. Small Business Administration (SBA) announced nearly $3 million in new grant funding for three state delegates– one of which is South Dakota– to help emerging small businesses develop their cybersecurity infrastructure.
Dakota State University in Madison, SD, is getting just shy of $1 million ($999,933) that will help deliver cybersecurity assistance to nascent and startup business owners as part of the SBA’s Cybersecurity for Small Business Pilot Program. Other recipients are in Arkansas (Forge Institute– $999,650.66) and Maryland (Department of Commerce– $930,155).
Dakota State University President Dr. José Marie Griffiths attributes the SBA cybersecurity funding with providing the opportunity to operationalize the DSU faculty and staff’s innovative research to meet the cyber security needs for the state’s small businesses. “This is the goal of our Madison Cyber Labs, to be a hub for research, development, and economic opportunity,” she said. “Our partnership with the SD Fusion Center, Consumer Protection, the Bureau of Information and Telecommunications, and the Governor’s Office of Economic Development, will offer a robust cyber security program for South Dakota’s small businesses.”
According to SBA South Dakota District Director Jaime Wood there are nearly 90,000 small businesses in the state. “The SBA cybersecurity investment in DSU further propels collective capability to diminish catastrophic digital threats. We are thrilled to bring this award to South Dakota to increase cyber safety for our small businesses, their customers, and the global supply chain – it is a game changer in the commercial space,” Wood said.
About the Cybersecurity for Small Business Pilot Program
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 cannot afford professional IT solutions, have limited time to devote to cybersecurity, or do not know where to begin.
The Federal budget for the Cybersecurity for Small Business Pilot Program for 2021-2022 is $3,000,000. SBA awarded three awards, with no single award exceeding $1 million. The period of performance for this award is one-year (12 months).
To learn more about SBA’s programs and services related to cybersecurity, visit www.sba.gov/cybersecurity.
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