Sen. Kirsten Gillibrand Proposes Tax Incentives to Spur Cyber Intell Sharing

1 min read

cybersecurityA bill sponsored by Sen. Kirsten Gillibrand (D-N.Y.) would offer tax credits to private infrastructure operators who coordinate with information sharing and analysis centers to mitigate cyber threats.

Gillibrand’s office said Thursday the Cyber Information Sharing Tax Credit Act‘s goal is to encourage businesses to strengthen their cybersecurity by participating in ISACs.

“From financial institutions and health care systems, to our electric grids and grocery stores, we are losing billions of dollars and putting our critical infrastructure at risk because of inaction,” Gillibrand stated.

“We must do more to strengthen our defenses online, and information sharing among businesses is a critical step that must be taken,” she added.

ISACs are built to alert organizations of network vulnerabilities and threats in real time as well as offer technical recommendations to defend enterprise systems against cybercrime.

The Identity Theft Resource Center has identified nearly 4,000 security breach incidents affecting more than 500 million records over the past decade.

Treasury Secretary Jack Lew said the financial sector has experienced 250 cyber attacks since 2011 and called on industry to share threat data with government, according to Gillibrand’s office.

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