Startups in cybersecurity are red-hot right now, and investors are pouring money into them by the billions. With valuations sky-high compared to recent years, cybersecurity companies are on track to raise more than double the amount from 2020. Much of the attention and heightened awareness can be attributed to the increase in remote work, but cloud-based security, identity verification and multi-step authentication were on the rise long before the pandemic.
Earlier this year, legislation passed both chambers of the Maryland General Assembly requiring the Secretary of Information Technology to oversee cybersecurity strategy for state government. The U.S. Department of Defense recently awarded Maryland $1.1 million to help defense contractors in Maryland comply with federal standards and provide cybersecurity support to the federal government, supporting the Maryland Defense Cybersecurity Assistance Program (DCAP) and boosting the strength of Maryland’s workforce. A workforce that is already strong in numbers — according to US News and World Report, there are more trained cyberengineers in Maryland than in the rest of the U.S. combined. Governor Larry Hogan recently proclaimed Maryland to be the cyber capital of America and is hosting a Cybersecurity Summit in Annapolis this week.
Given Maryland’s prominence in this ever-important field, there will undoubtedly be ongoing procurement opportunities to support cybersecurity efforts, as well as legislation enacted to address the onslaught of technological advances and the intricacies that will impact Maryland businesses.
Our corporate and business law team at Nemphos Braue has extensive experience supporting entrepreneurs, including clients in the cybersecurity and technology arena. Our subsidiary Old Line Government Affairs is poised to assist businesses with procurement and lobbying services to address cybersecurity matters in Maryland. We invite you to contact us to discuss how our team can support your work and protect your interests.
Tackling hackers is no longer just a TV plotline for fictional crime procedurals; the reality hits much closer to home.
Below you’ll find resources and links to organizations and state agencies focused on cybersecurity in Maryland:
The Guide for Cybersecurity Event Recovery – Know what to do if it happens to you.
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