The bill establishes the New Jersey Cybersecurity Grant Program within the Office of Homeland Security and Preparedness, allocating $5 million from the General Fund to support its implementation. This program is designed to provide grants to sensitive businesses, specifically those in the financial and healthcare sectors, to help cover the costs of acquiring target hardening equipment aimed at mitigating cybersecurity risks. Each eligible business can receive a grant once per fiscal year, with a maximum award of $100,000. The Office of Homeland Security and Preparedness will determine eligibility based on the assessed risk of cybersecurity incidents affecting the business's operations in New Jersey.

Applications for the grants will be submitted online, and the funds will be administered on a reimbursement basis, requiring businesses to provide documentation such as purchase orders and invoices before receiving payment. The definition of a "sensitive business" includes various types of for-profit and not-for-profit entities engaged in the specified industries, as well as financial institutions and their subsidiaries. The bill is set to take effect 90 days after its enactment.