Sens. Moran and Gillibrand Introduce Legislation to Create Cyber-Security Information Sharing Tax Credit

Press Release

U.S. Senators Jerry Moran (R-Kan.), Chairman of the Senate Commerce Subcommittee on Consumer Protection, Product Safety, Insurance and Data Security, and Kirsten Gillibrand (D-N.Y.) have introduced legislation to address critical cyber security vulnerabilities by helping to create a network of trusted partnerships across the public and private sectors aimed at detecting, preventing and mitigating cyber threats through information sharing.

The Cyber Information Sharing Tax Credit Act would incentivize businesses of all sizes to join sector-specific information sharing organizations, known as Information Sharing and Analysis Centers (ISACs), by providing refundable tax credits for all costs association with joining ISACs. As more industries and businesses participate, these networks will help businesses understand and improve their cyber posture and ensure the timely dissemination of information on increasingly sophisticated cyber threats.

"Consumers, businesses, and our nation's critical infrastructure face constant and evolving threats from cyber criminals who seeks to do us harm. When it comes to detecting and preempting these threats and protecting American consumers from cybercrimes, information sharing within trusted industry networks has proven to be a valuable tool across numerous sectors of our economy," Sen. Moran said. "The Cyber Information Sharing Tax Credit Act will make participation in vital ISACs more accessible for all companies, especially those who may not fully understand their risk of cyber-attack or who would not otherwise have the resources to participate in an information sharing organization."

"Hackers have put consumers and businesses in their crosshairs, and have shown they can easily access confidential information we trust can and should remain private. It's time to improve our security and establish standards that better protect consumers in New York and across the country," Sen. Gillibrand said. "This legislation is an important first step toward a national solution and opportunity to address our vulnerabilities, strengthening defenses against emerging data breaches, taking necessary safeguards to help victims and prosecuting perpetrators of these attacks."

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