The Senate Committee on Commerce, Science and Transportation recently advanced legislation that seeks to provide protections and resources for digital assets of small businesses at risk of falling victim to a cyberattack.
The Making Available Information Now to Strengthen Trust and Resilience and Enhance Enterprise Technology (MAIN STREET) Cybersecurity Act builds upon the previous Cybersecurity Enhancement Act of 2014, which codified the National Institute of Standards and Technology’s (NIST) cybersecurity framework. It attempted to help businesses better manage cybersecurity risks, to consider the needs of small businesses and provide them with a simplified, consistent set of resources to manage cybersecurity threats.
The bill was introduced by a bipartisan group Senate members, including U.S. Sens. Brian Schatz (D-HI), James Risch (R-ID), John Thune (R-SD), Maria Cantwell (D-WA), Bill Nelson (D-FL), Cory Gardner (R-CO), Catherine Cortez Masto (D-NV), and Maggie Hassan (D-NH).
“More than half of small businesses that suffer a cyber-attack go out of business within six months,” Risch said. “It’s incredibly important to business owners, their employees and customers, and our nation’s economy that we address this head on. I’m grateful to the committee for making this bill a priority.”
The U.S. Chamber of Commerce applauded the bill’s passage, stating the legislation would support enhanced cybersecurity resiliency, which would help make businesses more productive and grow the nation’s economy.
The bill now awaits a floor vote in the Senate.