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 industries 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 and application requirements, focusing on businesses deemed at high risk for 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 bill outlines the definition of "sensitive business" to include various for-profit and not-for-profit entities, as well as financial institutions and their subsidiaries. The program is designed to enhance the cybersecurity posture of vulnerable businesses in New Jersey, thereby protecting their operations from potential cyber threats. The act is set to take effect 90 days after its enactment.