Reps. Schneider, Fitzpatrick, Crow Reintroduce Bipartisan Legislation to Enhance Cybersecurity of Small Businesses

WASHINGTON— Today, U.S. Representatives Brad Schneider (D-IL), Brian Fitzpatrick (R-PA), and Jason Crow (D-CO) reintroduced legislation to better protect America's small businesses, and their operational and customer information, from cyberattack.

The Small Business Cybersecurity Enhancement Act, creates a loan guarantee program that would allow small businesses to acquire cybersecurity technology and services.

"Small businesses face a real and growing danger from cyberattacks, and we need to do more to help them defend against these threats," said Schneider. "Hacking and security breaches hurt not just the targeted businesses, but also put our personal information and data at risk. The bipartisan Small Business Cybersecurity Enhancement Act would help more small businesses take the necessary steps to protect themselves and their customers."

“As a former FBI Special Agent, I understand the significance of taking action to ensure we protect our nation’s small businesses,” said Fitzpatrick. “This bipartisan legislation is a crucial step toward ensuring small businesses in our communities have the tools and training to protect themselves, and their customers, from cyberattacks.”

“Small businesses account for 99.5% of all businesses in Colorado. Cyberattacks are a huge risk to these businesses, and to our state economy. I’m proud to work with Reps. Schneider and Fitzpatrick in offering the Small Business Cybersecurity Enhancement Act to ensure every small business is protected,” said Crow.

In their 2015 Year-End Economic Report, the National Small Business Association noted that "42 percent of small businesses report they have been the victim of a cyber-attack." The average loss to a business whose banking account was compromised by a cyberattack was more than $32,000.

Under the legislation, small businesses are defined as those who have 100 or fewer employees The loan guarantee program would add no additional cost to the taxpayer.

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