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 aims to provide grants to sensitive businesses, defined as entities in the financial or healthcare sectors operating in New Jersey, to help cover the costs of acquiring target hardening equipment that mitigates cybersecurity risks. Each eligible business can receive a maximum of $100,000 per fiscal year and can only apply for the grant once annually. The Office of Homeland Security and Preparedness will determine eligibility based on the assessed risk of cybersecurity incidents affecting the business's operations.

Grant funds will be administered on a reimbursement basis, requiring businesses to submit documentation such as purchase orders and invoices before receiving funds. The program's application process will be conducted online through the office's website. The bill emphasizes the importance of protecting sensitive businesses from cybersecurity threats, thereby enhancing the overall security landscape in New Jersey. The act is set to take effect 90 days after its enactment.