TMCnet Feature

With cyber attacks on the rise, it is vital to protect the nation’s infrastructure, which experts believe have only basic protection against hackers, malicious software, spies and other. Hence, companies running computer networks essential to U.S. economic and national security must be well guarded from any such attacks, wrote Bloomberg (News - Alert) reporter Chris Strohm. To raise the protection bar for these companies, leading U.S. Senators have drafted a cybersecurity bill that was introduced to the Senate on Tuesday, according to Bloomberg report.

 “The measure would create rules for identifying vital information networks and establish security requirements for companies and government agencies,” wrote Strohm. According to the report, Senate majority leader Harry Reid, a Nevada Democrat, has stated, “he wants to bring the bill to the chamber’s floor for a vote as soon as possible.”

In announcing the bill on the Senate floor, Senator Jay Rockefeller, a West Virginia Democrat, said, “We are on the brink of what could be a calamity.” “A widespread cyber attack could potentially be as devastating to this country as the terror attacks that tore apart this country 10 years ago,” noted Rockefeller.

Strohm wrote that “the legislation may affect computer security spending at businesses including Southern Co. (SO), the largest U.S. utility owner by market value, and AT&T Inc. (T), the nation’s biggest telephone company.” However, as per the Bloomberg report, the consensus amongst the lawmakers and regulators is that new standards are urgently needed to thwart any advanced cyber attacks that are threatening to power grids, water supply, banks and communications networks.

The bill was drafted by Senators Joe Lieberman, a Connecticut Independent, Jay Rockefeller, West Virginia Democrat, Diane Feinstein, California Democrat and Susan M. Collins of Maine, a ranking Republican on the Senate Homeland Security Committee. The report indicates that the Senate Homeland Security and Governmental Affairs Committee is scheduled to consider the bill for legislation at a hearing on Thursday, February 16th.

Other comments from Senator Rockefeller, stated, “We settled on a plan that creates no new bureaucracy or heavy-handed regulations.” “It’s premised on companies taking responsibility for securing their own networks,” added the West Virginia Senator.

Strohm wrote that a Bloomberg Government study released late January reveals that to safeguard utilities, banks and other operators of critical networks under the new plan would cost the companies a fortune. To reach a higher level of defense that is capable of preventing 95 percent of sophisticated cyber attacks, the companies will have to spend almost nine times more on computer defenses. That means, cybersecurity spending will increase from about $5.3 billion to $46.6 billion a year, the Bloombergy study shows.