The Internet has changed Americans' daily lives and revolutionized our economy, but our increased reliance on information technology has also made us vulnerable to dangerous new threats. A successful cyberattack against America could undermine public safety and trigger a financial crisis that could deal a severe blow to our economy.  This week, the Senate will take action to combat increasingly frequent cyberattacks with the consideration of the Cybersecurity Act of 2012.

Cyberattacks Threaten National Security and Create Financial Risk

The increasing number of cyberattacks present real security risks to critical infrastructure, like gas pipelines, transportation systems like the Federal Aviation Administration, and water treatment facilities. But, they also threaten to undermine our economy by weakening our financial system.

• Last year, NASDAQ was the victim of a cyberattack that could have been an act of terrorism or effort to obtain insider information. As the "flash crash" of the DJIA, which resulted in a rapid loss of nearly 1,000 points and $1 trillion in market value demonstrated, a disruption of financial trading software could have a devastating impact on financial markets.

• Consumer service has already been disrupted by a successful cyberattack on credit card companies.

 Cyberattacks Weaken the Economy

• Every year, American companies pay the price for being victims of cyberattacks. American companies lose roughly $250 billion a year through intellectual property theft.

• Weak cyber security is allowing our foreign economic competitors to reap benefits at American companies' expense. China and Russia, for example, are stealing American intellectual property and using the information to put American businesses out of work. 

The Cybersecurity Act of 2012 Enhances Security and Protects the Economy. 

The Cybersecurity Act of 2012 will:

• Strengthen the security of assets like critical energy, financial, or communications networks through voluntary cybersecurity practices. Successful attacks against such critical infrastructure could have catastrophic consequences, and this approach provides flexibility for operators to secure computer systems without dictating specific technologies or processes. 

• Enhance research, development, and workforce training that will protect the nation from evolving cyber threats. 

• Fortify government networks by reforming outdated security measures, ensuring that government networks are equipped to defend themselves against cyberattacks.

• Clarify existing roles and authorities for government agencies to ensure clarity about the mandate and responsibilities of agencies in preventing and responding to attacks.

• Protect Americans' privacy and civil liberties through careful oversight and strong protections to ensure that our cyber networks can be defended without compromising the freedom and anonymity of the Internet.