Following cyber attacks on banking institutions (Citigroup Inc.) and the world’s largest defense company (Lockheed Martin Corp.,) last year, the need for comprehensive cybersecurity regulation and its notion is getting intensified. A bipartisan legislation, yesterday, is reportedly introduces comprehensive cybersecurity bill (no. S. 2105.) And two big tech companies, Oracle and Cisco, so far, fully support the bill.

The bill, a Bloomberg’s headline reads, aimed at shielding vital computer networks.

“It calls for the U.S. Homeland Security Department to identify systems critical to national and economic security and set security rules for overseeing companies and government agencies.”

While lawmakers say rules are needed—to “fight increasingly sophisticated cyber attacks capable of disrupting power grids, banks and communications networks,” according the report, two of the largest U.S. business- lobbying groups criticized the introduced bill, due to potential of raise in cost. The report recalls its interview-based study, release back in January:

“A Bloomberg Government study released Jan. 31 found that utilities, banks and other operators of critical networks would have to spend almost nine times more on computer defenses to achieve security capable of preventing 95 percent of attacks, an increase to $46.6 billion a year from about $5.3 billion.”

In the opposite of the U.S. Chamber of Commerce that opposes the introduced bill, two tech companies, Oracle and Cisco, sent a letter yesterday supporting the bill, the report says.

“The legislation includes provisions that “will enhance the nation’s cybersecurity without interfering with the innovation and development processes of the American IT industry,” the companies said.”

The bottom of the report highlights potential of future cyber attacks to the U.S. critical network—“U.S. Disruption Anticipated” –that most authorities say it will occur within the next couple of years.

“More than 80 U.S. law firms have been targeted by China- based hackers intent on acquiring their clients’ deal data to give Chinese companies an edge investments and negotiations, according to Mandiant Corp., an Alexandria, Virginia-based cybersecurity firm.”

(via: “Cybersecurity Measure Would Boost Companies’ Costs, Lobbying Groups Say”, Bloomberg)