Cybersecurity for Maryland businesses just got a lot more affordable.
Maryland, which is already a national cybersecurity hub, seeks to continue to promote the growth of its cybersecurity companies and cyber-conscious companies alike. The Maryland legislature recently enacted two new cybersecurity tax credits, emphasizing its collective awareness of the importance of cybersecurity.
The first tax credit is aimed at growing Maryland cybersecurity product companies. This tax credit will be provided to individuals and entities that invest $25,000 or more in these product companies. The second tax credit urges small businesses in the state to secure their enterprises against cyber threats by encouraging them to purchase cybersecurity services or products. Maryland will be crediting small businesses with 50% of their qualified cybersecurity spending. On whole, the state is putting $10 million towards these two credits for the next two years.
These tax credits will not only help grow Maryland's robust community of cybersecurity companies, but it will help ensure the health and longevity of its small businesses. Small businesses are feeling the devastating effects of growing cyber threats more than ever before, and for most hiring a full-time CISO to manage their cyber risk is out of reach. Now with the help of the small business cybersecurity tax credit, services like virtual or CISO-as-Service are within reach.