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 this initiative. The program aims to provide grants to sensitive businesses, defined as entities in the financial or healthcare industries operating in New Jersey, to help cover the costs of acquiring target hardening equipment that mitigates cybersecurity risks. Each sensitive business can receive a grant only once per fiscal year, with a maximum award of $100,000. Eligibility for the grants will be determined by the Office of Homeland Security and Preparedness, which will assess whether the businesses are at high risk of cybersecurity incidents.

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 is set to take effect 90 days after its enactment.