(1) In order to assist the Arkansas Cyber Initiative in achieving the objectives identified in this subchapter, the Arkansas Economic Development Commission may contract with a person or an entity recommended by the initiative for activities consistent with the purpose of this subchapter.
(2) When contracting with a person or an entity under this subchapter, the commission shall not be bound by the provisions of the Arkansas Procurement Law, § 19-11-201 et seq., requiring competitive bids if compliance with the Arkansas Procurement Law, § 19-11-201 et seq., creates a security risk.